Remember these Due Dates of  GST and Income Tax !

Goods and Services Tax (GST) compliance entails keeping accurate records, filing timely returns, paying the correct amount of tax, and adhering to other GST-related obligations.

The non-compliance with Goods and Services Tax (GST) legislation in India can result in penalties and interest charges. Some of the penalties that can be applied for noncompliance with GST requirements are as follows:

1. Late Filing of GST : Late fee of Rs. 50 per day (for GSTR-3B) or Rs. 20 per day (for other returns) is levied, subject to a maximum of 0.25% of the taxpayer’s turnover.
2. Incorrect filing of GST returns – Penalty of Rs. 10,000 or 10% of the tax amount payable, whichever is higher, can be imposed.
3. Non-compliance with GST audits – Penalty of up to Rs. 25,000 can be levied.
4. Fails to register under GST – Penalty equal to 10% of the tax amount due or Rs. 10,000, whichever is higher, can be levied.
5. Fraudulent Activity – Penalty equal to the amount of tax evaded or the input tax credit claimed can be imposed, along with interest charges and possible criminal prosecution.

However, all these activities may lead to Cancellation of GST Registration. If the GST authorities determine that a taxpayer’s registration must be terminated, they will send the taxpayer a show-cause notice and request an explanation. The taxpayer must respond to the notice within the time range stated and explain why their registration should not be cancelled.

If the GST authorities are pleased with the response, the cancellation proceedings may be discontinued. If the authorities are not satisfied, they will issue a cancellation order, along with the reasons for the cancellation.

REMEMBER THESE GST DUE DATES

1.  Filing of GSTR –3B / GSTR 3B QRMP

Taxpayers having aggregate turnover up to Rs. 5 crores in preceding FY (Group B)

Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing 

Due date: 24th April 2023.

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi.

2. GST Refund

         Form No.: RFD-10  –  Refund of Tax to Certain Persons 

        Due Date: 18 Months after the end of quarter for which refund is to be claimed

3. Monthly Payment of GST – PMT-06

    Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.

    Due Date: 25.4.2023

REMEMBER THESE INCOME TAX DUE DATES

As similar to GST, the non-compliance with income tax regulations can result in penalties and fines. The following are some of the penalties and fines that can be imposed for non-compliance with income tax regulations:

1. Late filing of income tax returns
2. Incorrect filing of income tax returns
3. Failure to deduct or deposit tax deducted at source (TDS)
4. Failure to furnish information or documents
5. Non-payment or short payment of tax

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