gst quarterly return due date
Understanding the GST Quarterly Return Due Date in India
Introduction
India’s Goods and Services Tax (GST) system was introduced on July 1, 2017, with the aim of simplifying indirect taxation and creating a single market across the country. Under the GST regime, all registered taxpayers are required to file regular returns to ensure compliance with tax obligations. One of these returns is the GST quarterly return, which allows businesses to report their quarterly sales, purchases, and tax liability to the government. In this article, we will dive into the details of the GST quarterly return due date in India.
GST Quarterly Return and its Significance
The GST quarterly return is a vital document that enables businesses to reconcile their input and output tax credits for a particular quarter. It acts as a medium for taxpayers to provide accurate financial information to the tax authorities. Filing the GST quarterly return is essential to comply with legal obligations and avoid penalties or legal complications. By analyzing these returns, the government can efficiently track and monitor the tax liabilities of different businesses.
Due Date for Filing GST Quarterly Return
The due date for filing the GST quarterly return varies depending on the type of taxpayer. There are separate due dates for small taxpayers, Composition Scheme taxpayers, and Regular taxpayers.
1. For Small Taxpayers:
Small taxpayers, whose aggregate turnover in the previous financial year does not exceed 5 crore INR, can opt to file the GST quarterly return. The due date for filing this return is the 22nd of the month succeeding the relevant quarter. For example, if we consider the January-March quarter, the due date for filing the corresponding return would be April 22nd.
2. For Composition Scheme Taxpayers:
Composition Scheme taxpayers are those who have opted for the composition scheme under GST and pay tax at a fixed rate based on their annual turnover. They are required to file the GST quarterly return on a quarterly basis. The due date for filing this return is also the 22nd of the month succeeding the relevant quarter.
3. For Regular Taxpayers:
Regular taxpayers, whose aggregate turnover in the previous financial year exceeds 5 crore INR, are required to file monthly returns. However, they also need to file an annual return in addition to the monthly returns. For such regular taxpayers, the due date for filing the quarterly return is the 20th of the month succeeding the relevant quarter.
Consequences of Late Filing
Failing to file the GST quarterly return within the stipulated due date may attract penalties and late fees. According to the provisions of the GST Act, a late fee of 50 INR per day of delay is applicable for each central and state GST (CGST and SGST) return. Additionally, interest at a specified rate is levied on any outstanding tax liability.
Conclusion
The GST quarterly return due date plays a crucial role in ensuring timely compliance and accurate reporting of tax liabilities for businesses in India. It is vital for businesses to remain informed about their respective due dates to avoid unnecessary penalties and complications. By submitting the GST quarterly return on time, businesses can contribute to the smooth functioning of the GST system and effectively contribute to India’s economic growth.,
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gst quarterly return due date
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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