GST Calendar 2024

Introduction

Staying on top of tax obligations is essential for both individuals and businesses in India. A GST calendar can be an invaluable tool, ensuring compliance with the due dates set by the Central Government. Missing these deadlines can lead to hefty penalties and legal issues, so you must clearly understand tax due dates and the required forms.

In this guide, we’ll explore the importance of a GST calendar, the different forms associated with GST return filing, and provide an overview of the GST compliance dates for August 2024. We’ll also cover the implications of missing deadlines and offer tips on how to avoid late fees and penalties.

What is a GST Calendar and Why is it Important?

A GST calendar is a comprehensive list of important dates for filing all GST returns. It serves as a reminder for registered businesses and professionals to ensure they comply with GST regulations well in advance. By keeping track of these dates, taxpayers can file the necessary returns and forms under GST law on time, avoiding interest charges or late fees.

GST Return Filing Overview

Understanding the different forms associated with GST return filing is crucial for ensuring compliance. Here’s a quick overview:

GSTR-1: Filed monthly by individuals and businesses with an annual turnover of ₹1.5 crore or more. It provides a detailed summary of outward supplies. For those with turnover below ₹1.5 crore, GSTR-1 is filed quarterly.
GSTR-3B: This form summarizes the outward supplies, input tax credit (ITC) claimed, and net tax payable. It is filed monthly or quarterly depending on the taxpayer’s turnover and chosen scheme.
GSTR-2A and GSTR-2B: Auto-drafted returns that help taxpayers claim ITC through GSTR-3B.
QRMP Scheme: Taxpayers with annual turnover up to ₹5 crore can opt for this scheme, allowing them to file GSTR-1 and GSTR-3B quarterly while making monthly tax payments.
CMP-08: Filed quarterly by taxpayers under the composition scheme to declare tax liabilities.
GSTR-4: Filed annually by taxpayers under the composition scheme by April 30th.

You may need additional forms like GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8 for special transactions.

You may also want to know Depreciation Under Income Tax Act

GST Compliance Calendar for August 2024

To help you stay on top of your GST obligations, here is a detailed GST compliance calendar for August 2024:

Due date*	Form/Function	Period	Description
10th April	GSTR-7(Monthly)	March’24	Summary of Tax Deducted at Source (TDS) and deposited under GST laws
10th April	GSTR-8(Monthly)	March’24	Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators under GST laws
11th April	GSTR-1(Monthly)	March’24	Summary of outward supplies where turnover exceeds Rs.5 crore (in the current FY and the previous FY) or have not chosen the QRMP scheme for Jan-Mar 2024
13th April	GSTR-1(Quarterly)	Jan-Mar’24	Summary of outward supplies by taxpayers who have opted for the QRMP scheme**
	GSTR-5(Monthly)	March’24	Summary of outward taxable supplies and tax payable by a non-resident taxable person
	GSTR-6(Monthly)	March’24	Details of ITC received and distributed by an ISD
18th April	CMP-08(Quarterly)	Jan-Mar’24	Quarterly challan-cum-statement to be furnished by composition taxpayers
20th April	GSTR-5A(Monthly)	March’24	Summary of outward taxable supplies and tax payable by a person supplying OIDAR services
20th April	GSTR-3B(Monthly)	March’24	Summary return for taxpayers with a turnover of more than Rs.5 crore (in the current FY and the previous FY) or who have not chosen the QRMP scheme for Jan-Mar 2024
22nd April	GSTR-3B (Quarterly)	Jan-Mar’24	Summary return for taxpayers who have opted for the QRMP scheme and registered in category X states or UTs#
24th April	GSTR-3B (Quarterly)	Jan-Mar’24	Summary return for taxpayers who have opted for the QRMP scheme and registered in category Y states or UTs##
25th April	ITC-04	Oct-Mar’24/ FY 2023-24	Half-yearly/yearly summary of goods sent to or received from a job-worker for those with a turnover of more than and up to Rs.5 crore in the given FY, respectively
28th April	GSTR-11	Mar’24	Statement of inward supplies by persons having a Unique Identification Number (UIN) for claiming a GST refund
30th April	GSTR-4(Annually)	FY 2023-24	Annual return for taxpayers who opted into the composition scheme

Disclaimer: Group A and Group B state and union territories are divided in the following manner

Group A	Group B
Madhya Pradesh	Punjab
Chhattisgarh	Uttarakhand
Tamil Nadu	Meghalaya
Gujarat	West Bengal
Karnataka	Mizoram
Maharashtra	Manipur
Daman & Diu	Odisha
Lakshadweep	Jammu and Kashmir
Dadra & Nagar Haveli	Nagaland
Telangana	Arunachal Pradesh
Kerala	Assam
Goa	Himachal Pradesh
Andhra Pradesh	Chandigarh
Andaman and Nicobar Islands	Delhi
Puducherry	Ladakh
–	Jharkhand
–	Sikkim
–	Bihar
–	Haryana

Individuals should check the GST return due dates 2021 based on the state where they are registered.

Important Points to Note Regarding GST Filing

Nil Returns: Even if there are no transactions in a given month, taxpayers must still file their GST returns to avoid penalties.
Sequential Filing: You cannot file GST returns for the current month until you submit the returns from the previous month.
Cascading Penalties: Delayed GST payments lead to a cascading effect, with penalties increasing each month. The liability ledger in GSTR-3B will reflect these additional charges.
Late Fees: According to the GST Act of 2017, a late fee of ₹100 per day under SGST and ₹100 under CGST applies, totaling ₹200 per day for delayed payments.

Interest Levied/Penalty Charged for Late GST Payments

Failing to adhere to GST payment deadlines can result in significant financial penalties:

Interest Charges: The system applies an 18% interest rate for each day you delay in clearing GST liabilities. For example, if your GST liability is ₹5,000 and you delay payment by one day, calculate the interest as follows:
Interest on GST = ₹5,000 x (18/100) x (1/365) = ₹2.46 per day.
If payment is delayed by one day, the increased liability would be ₹5,002.46.
Late Fees: In addition to interest, a late fee of ₹200 per day is imposed as per the GST Act. This can quickly add up, making timely payments essential.

Conclusion

A GST calendar is an essential tool for ensuring timely compliance with tax obligations. By keeping track of important due dates and understanding the different forms associated with GST return filing, taxpayers can avoid penalties and maintain a smooth tax filing process. Regularly updating the GST calendar and referring to it each month will help you stay on top of your GST obligations.

Frequently Asked Questions

What happens if I miss a GST filing deadline?

Missing a GST filing deadline can result in interest charges and late fees. The interest is charged at 18% per annum, and a late fee of ₹200 per day is imposed.

Can I file a nil GST return?

Yes, if there are no transactions during a particular month, you must still file a nil return to avoid penalties.

What is the QRMP scheme?

The QRMP scheme allows taxpayers with an annual turnover of up to ₹5 crore to file GSTR-1 and GSTR-3B quarterly while making monthly tax payments.

Is there a penalty for filing GST returns late?

Yes, there is a late fee of ₹100 per day under SGST and ₹100 under CGST, totaling ₹200 per day.

How can I avoid GST late fees?

You can avoid late fees by keeping track of due dates using a GST calendar and ensuring that all returns are filed on time.

Open Free Demat Account

Related Terms

Explore our feature-rich web trading platform

Get the link to download the App

Learn. Transform. Evolve.