GST Calendar 2022

A GST calendar can help one comply with the stipulated dates, by informing him/her when the taxes are due. Every individual and business in India must bear tax liabilities as per the guidelines set by the Central Government. One of the crucial aspects of paying taxes is sticking to the due dates outlined by the authorities. Non-compliance can lead to hefty penalties and/or legal complications as well.

Therefore, a GST compliance calendar is crucial for people and businesses who intend to clear all outstanding tax liabilities within the stipulated dates. However, before proceeding to learn more about this calendar and its format, one must learn about the different forms associated with GST return filing.

What is a GST Calendar and What is its Importance?

A GST calendar is the list of important dates to file all GST returns. It proves to be very helpful for every registered business and professionals to be ready for compliance well in advance. Proper knowledge of GST Dates holds a great value for every taxpayer to file the GST returns and prescribed forms under the GST law on time to avoid incurring any interest or late fee.

GST Return Filing Overview

Individuals and businesses with an annual aggregate turnover of Rs.1.5 crore or more need to submit forms GSTR-1 and GSTR-3B every month. However, if one’s turnover is below that threshold, they need to submit Form GSTR-3B each month and GSTR-1 quarterly. Additional returns, such as GSTR-2A and GSTR-2B, help a taxpayer claim input tax credit through GSTR-3B.

Taxpayers having annual turnover up to Rs.5 crore can go with the QRMP scheme from the quarter of 1st January 2021. Under this scheme, one can file both GSTR-1 and GSTR-3B once in a quarter while they continue making an estimated monthly payment of taxes. There has been an Invoice Furnishing Facility (IFF) available for quarterly filers of GSTR-1 to upload documents of their B2B outward supplies. Meanwhile, auto-drafted returns such as GSTR-2A and GSTR-2B will help taxpayers to claim their eligible input tax credit in their GSTR-3B.

In case of special transactions, one needs to check the GST calendar and file returns, using Forms GSTR-5A, GSTR-5, GSTR-7, GSTR-6 and GSTR-8. If a taxpayer is registered under a composition scheme, he/she needs to clear taxes every quarter by submitting form CMP-08. Additionally, the taxpayer will need to submit GSTR-4 annually by April 30th to meet his/her tax liabilities for the year.

GST Compliance Calendar for August 2022

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

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

Important Points to Note Regarding GST Filing

Individuals must compulsorily file their GST returns within the stipulated dates, even when there is no transaction to report. In such a case, the taxpayer will need to file a nil return. Thus, knowledge of the GST calendar is mandatory to avoid non-compliance. Listed below are some other factors to note – 

• GST filing for the current month is impossible if the taxpayer in question is yet to file the returns from the previous month.

• Delaying payment of GST will lead to a cascading effect, further intensifying penalties and fines with each passing month of non-compliance. 

• The liability ledger in GSTR-3B, which is filed immediately after a delay, will contain the late payment fee, resulting from the aforementioned hindrance in GST payment.

Interest Levied/Penalty Charged for Late GST Payments

If taxpayers fail to adhere to the stipulated due dates for GST payments, they would need to bear penalty charges. Thus, one must be informed about the GST rates at which the Indian Government charges interest on late tax payments. Refer to the following pointers for more information – 

• 18% interest added with each day of delay

A taxpayer will need to bear an additional 18% of payment with each day of delay in clearing his/her GST liabilities. For example, Raj’s GST liability is Rs.5000 for a given year. He fails to clear the dues within the stipulated date. Instead, he clears it a day later. Thus, his fine or interest on the liabilities would be –

Interest on GST = 5000 x (18/100) x (1/365) = Rs.2.46 per day.

Assuming that Raj clears the outstanding liabilities just a day after the due date, his increased liability would be Rs.5002.46.

• Late Fee as Per GST Act

Apart from the interest levied on the tax amount, delayed GST payments also lead to additional fees. According to the GST Act of 2017, delayed payments result in charges of Rs.100 per day for SGST and Rs.100 under CGST. Therefore, each day of delay results in the addition of Rs.200 to a person’s outstanding liabilities.

One can easily avoid these hefty fines with smart usage of a GST calendar. Besides helping an individual gauge the due date for filing specific GST returns, such calendars are also indispensable when it comes to planning tax-payments beforehand. A taxpayer must mandatorily check back every month for fresh due dates, published by the government.