Filing of tax returns with the government remains an essential aspect for any individual or business.
Timely filing of tax prevents from additional interest and penalty that may be levied by the government. In this blog, we seek to provide you with a Goods and Services Tax (GST) calendar, that shall help you file returns.
- GST Calendar – 2018
There are four forms for GST namely GSTR – 1, 2, 3 and 4.
What is GSTR – 1?
GSTR – 1 is a monthly or quarterly GST filing that is required to be filed by every registered dealer. The return contains details of all outward supplies, i.e., sales. The return has 13 sections.
- The due date for GSTR – 1
The due date for GSTR-1 is based on turnover.
Businesses with sale of up to Rs 1.5 crore are required to file returns monthly (refer to the table below).
|Apr-Jun 2018||31st July 2018|
|Jul-Sept 2018||31st Oct 2018|
|Oct-Dec 2018||31st Jan 2019|
|Jan-Mar 2018||30th Apr 2019|
For businesses with over Rs 1.5 crore turnover are required to file returns on a monthly basis (refer table below).
|Jun-18||10th July 2018|
|Jul-18||11th August 2018|
|Aug-18||11th September 2018|
|Sep-18||11th October 2018|
|Oct-18||11th November 2018|
|Nov-18||11th December 2018|
What is GSTR – 2?
GSTR – 2, is a monthly or quarterly GST filing that is required to be filed by every registered dealer. The return captures the details of Inward Supply, i.e., purchases.
- Due date of GSTR – 2
As per the GST act, the due date for filing GSTR – 2 is 15th of next month. There is a 5-day gap between GSTR-1 & GSTR-2 filing which is provided to rectify any discrepancies.
The due date is also based ohttps://groww.in/blog/15-ways-you-can-save-tax-in-india/n the turnover of the businesses.
For businesses with turnover less than Rs 1.5 crores quarterly returns are applicable while for companies with more than 1.5 crore turnover, monthly returns are applicable.
What is GSTR – 3?
GSTR – 3, is a monthly return that details the sales, purchases along with the GST liability. The return is auto-generated with the information from GSTR – 1 and GSTR – 2. GSTR – 3 is necessary as it shows the GST liability for the month which is required to be paid by the taxpayer.
- Due date of GSTR – 3
The due date for filing GSTR – 3 is 20th of next month. A five-day gap is provided between GSTR – 2 & GSTR – 3 to rectify any discrepancies.
What is GSTR – 4?
GSTR – 4 is a GST return that has to be filed by a composition dealer.
Unlike an ordinary taxpayer who needs to furnish three monthly returns, a dealer can opt for composition scheme and is required to submit only one return, i.e., GSTR – 4. GSTR – 4 has to be filed on a quarterly basis.
- The due date for filing GSTR 4 is 18th of the month after the end of the quarter.
|April-June 2018||18th July 2018|
|July-Sept 2018||18th Oct 2018|
|Oct-Dec 2018||18th Jan 2019*|
|Jan-Mar 2019||18th Apr 2019*|
Combined due date for fiscal 2019:
|Form GSTR – 1 for October 2018||20th December 2018||Taxpayers having aggregate turnover more than Rs. 1.5 crore and whose principal place of business is in the 11 districts of Tamil Nadu|
|Form GSTR – 1 for the quarter July 2018 to September 2018||30th November 2018||Taxpayers having aggregate turnover of up to Rs. 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh|
|Form GSTR – 4 for the quarter July 2018 to September 2018||30th November 2018||Taxpayers registered under Composition scheme, whose principal place of business is in the district of Srikakulam in Andhra Pradesh|
|Form GSTR – 7 for the month of October 2018||31st January 2019||All taxpayers|
Following is a comprehensive table that details the due date for upcoming tax compliance –
|7/12/2018||Income Tax||TDS/TCS Deposit Date for the Month of Nov 2018|
|11/12/2018||GST||GSTR 1 for the month of Nov 2018 (Turnover Above Rs.1.50 crore)|
|15/12/2018||Income Tax||Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in m/o Nov 2018|
|15/12/2018||Income Tax||Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o Oct 2018|
|15/12/2018||Income Tax||Deposit of IIIrd installment of Advance tax for FY 2018-19|
|15/12/2018||Income Tax||Due date for furnishing of Form 24G by an office of the Government where TDS for the month of Nov, 2018 has been paid without the production of a challan|
|15/12/2018||PF||PF Payment for m/o Nov 2018.|
|15/12/2018||ESIC||ESIC Payment for m/o Nov 2018|
|20/12/2018||GST||GSTR-3B for the m/o Nov 2018. Pay due Tax till this date.|
|25/12/2018||PF||PF Return filling for Nov -2018 (including pension and Insurance scheme forms)|
|30/12/2018||Income Tax||Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA (TDS on Immovable property) in m/o Nov 18.|
|30/12/2018||Income Tax||Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB (TDS on Certain Rent payment) in m/o Nov 18.|
|31/12/2018||GST||GSTR-9 – The Most Comprehensive Annual Return / Statement for FY 2018-19 by ALL registered persons.|
|31/12/2018||GST||For Composition Tax Payer in Form GSTR-9A|
|31/12/2018||GST||GSTR-9C – The Most Comprehensive Annual Return for FY 2018-19 by registered person whose Annual Turnover for Financial Year 2018-19 is above Rs. 2 Cores.|
|31/12/2018||GST||Due date of GST ITC-04 for the period of July 2017 to September 2018|
|31/12/2018||GST||Taxpayers whose registration has been cancelled by the proper officer on or before September 30, 2018, shall be required to furnish the final return in Form GSTR-10 till December 31, 2018.|
Let us quickly touch upon GST and its advantages.
Goods & Services Tax GST in India
Goods and Services Tax (GST) is an indirect tax that has replaced many indirect taxes in India. The act was passed in the Parliament on 29th March 2017 and came into effect from July 1, 2017.
GST is a multi-stage, destination-based tax that is levied on every value addition.
In the earlier system, tax on an item was a function where it was sold as well as where it is produced which undoubtedly was a significant hindrance for free movement of goods across the country.
Thus, GST succeeds in creating a single unified market across the nation, whereby the tax on a particular product would be the same across the country.
On an average, the industries in India were taxed with a bunch of indirect taxes like VAT, CST, service tax on warehousing, octroi, entry tax. Etc.
The unified GST taxation system is bound to squeeze the overall taxation burden on the retailer, and the taxation percentage will be substantially lower than the previous regime.
Benefits of GST
1.GST succeeded in increasing compliance, thereby boosting government revenues, and partially establishes a level playing field between different kinds of firms.
2.GST back-end architecture ensures continuous and seamless exchange of information between various tax departments (customs, excise & service, state value-added tax, income tax). Thus, it is impossible to be compliant to one department and not with another
3.The need to match tax credits on an invoice level defeats the possibility of fraudulent tax credits and back-dating of invoices
4.The pre-GST era had a lot of complexities and challenges in the supply chain including long queues and complex documentation at the check posts.
This is added to the transaction time and costs. Under GST era, these have been reduced considerably thereby only adding to the bottom-line profitability.
Further, there would be a considerable consolidation in the number of warehouses thus resulting in a hefty drop in the warehouse costs.
5.GST has opened the door for new markets business expansion has become relatively more comfortable across the states
Moving on to the main topic of the blog.
Disclaimer: The views expressed in this post are that of the author and not those of Groww