The Goods and Services Tax (GST) regime introduced in India in 2017, unified indirect taxes under a single mechanism, streamlining tax administration and adherence. Entities registered under GST have since been required to file forms such GSTR-3B, 5A, and 9 among others to facilitate a structured filing process and compliance of their business.
Adhering to GST compliance deadlines is essential for businesses to avoid penalties, interest charges, and other legal repercussions. Ensuring timely filing of GST returns and forms reflects the commitment of a company towards regulatory compliance which can be highly advantageous during audits or assessments of the business.
This article outlines the key GST deadlines coming up during the months of November and December 2024 and covers forms such as GSTR 3B, 5A, 9, 9C, and RFD-10, their purposes, and eligibility requirements.
Complete Draft Replies of GST ITC Related Notices, Click Here
GSTR-3B is a simplified monthly return that summarizes the sales, purchases, and input tax credit of a taxpayer pertaining to the prior specific month. The GSTR-3B form is filed roughly around the same time as the GSTR-1 and GSTR-2 forms. All regular GST-registered taxpayers must file GSTR-3B on a monthly or quarterly basis, depending on their turnover.
Taxpayers with an annual turnover of more than INR 5 Crore during the previous Financial Year are required to file GSTR-3B for the month of October 2024 by 20th November 2024.
Taxpayers who have opted for monthly filing of forms and possess an annual turnover of up to INR 5 Crore during the previous Financial Year are required to file GSTR-3B for the month of October 2024 by 20th November 2024.
GSTR-5A is a return form specifically for providers of Online Information and Database Access or Retrieval (OIDAR) services. The GSTR-5A forms are to be filed by non-resident OIDAR service providers who maintain digital platforms providing cross-border online services directly to recipients in India. Appropriate entities are to file the GSTR-5A even if they have not received any taxable income during the tax period.
The GSTR-9 is an annual return required to be filed by all taxpayers registered under the GST Regime, save a few exceptions.The GSTR-9 consolidates all the monthly or quarterly returns filed by eligible taxpayers during the concerned Financial Year, and provides a comprehensive summary of outward and inward supplies, taxes paid and the Input Tax Credit claimed by the business.
All regular taxpayers registered under GST are required to file GSTR 9, except for Casual Taxpayers, Non-Resident Taxpayers, Input Service Distributors or OIDAR Service Providers.
Complete Draft Replies of GST ITC Related Notices, Click Here
The GSTR-9C is a reconciliation statement and audit form required to be filed by taxpayers whose aggregate turnover during a financial year exceeds INR 5 Crore. The GSTR-9C reconciles the figures declared in Form GSTR 9 with the audited financial statements of the taxpayer. GSTR-9C aids in ensuring consistency between the financial records and the GST returns of concerned taxpayers.
The GST RFD-10 form under India’s GST framework is used by eligible entities, such as Special Economic Zone (SEZ) developers or units and foreign diplomatic missions, or specialized agencies of the United Nations to claim refunds of unutilized Input Tax Credit (ITC) on purchases made.
Such bodies, often being exempt from GST, benefit from improved cash flow and compliance measures by undertaking filing of the GST RFD-10 form.
Complete Draft Replies of GST ITC Related Notices, Click Here
The GST RFD-10 is required to be filed online within 6 months from the end of the relevant quarter, and is to be accompanied with supporting documents such as purchase invoices and declaration of non-duplication.
Taxpayers who have filed their GST RFD-10 forms shall be eligible to claim the GST refund at the end of 18 months of the particular quarter.
It is of paramount importance for businesses to identify and abide by the GST compliance strategies in place to avoid undesirable penal and legal consequences from abstaining to do the same. Regular adherence demonstrates a proactive approach to fiscal responsibility, reduces administrative burden, and is instrumental in ensuring the reputation of an organization.
Mark the dates relevant to your businesses and prepare in advance to ensure timely compliance and a smooth filing process.
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