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.
Updates on GST Returns Due Dates
There have been some updates on the GST Returns due date extensions on various GST returns and forms. Below, we have covered all the important points as per the latest news and notifications:
Update as on December 30th 2020
GSTR-9 & GSTR-9C due dates for FY 2019-20 has now been extended up to February 28th 2021.
Update as on November 10th 2020
(1) ITC-04 filing due date for the period July-September 2020 was extended till 30th November 2020.
(2) GSTR-1 due dates for October 2020 to March 2021 is as follows
Quarterly return filers:
For the period of October 2020 to December 2020 – January 13th 2020
For the period of January 2020 to March 2021: April 13th 2021
Monthly Return Filers:
The due dates for the respective months have been given below:
|October 2020||11th November 2020|
|November 2020||11th December 2020|
|December 2020||11th January 2021|
|January 2020||11th February 2021|
|February 2020||11th March 2021|
|March 2020||11th April 2021|
(3) GST payment and GSTR-3B filing due dates have been notified for the months of October 2020 till March 2021 which are as follows:
|Previous FY Annual Turnover||GST Registration in States and Union Territories||New Due Dates|
|5 crore or above||All||20th of the subsequent month|
|Less than Rs 5 crore||Madhya Pradesh, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Lakshadweep, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh||22nd of the subsequent month*|
|Jammu and Kashmir, Himachal Pradesh, Ladakh, Punjab, Uttarakhand, Haryana, Chandigarh, Delhi, Rajasthan, Bihar, Sikkim, Uttar Pradesh, Arunachal Pradesh, Nagaland, Mizoram, Tripura, Manipur, Meghalaya, Assam, West Bengal, Jharkhand and Odisha||24th of the subsequent month*|
*Those who want to opt for the QRMP scheme must file the same by 22nd or 24th of the subsequent month to the quarter. Also, keep in mind to make the tax payments every month in PMT-06 by the 25th of next month for the first two months of the quarter.
Update on 28th October 2020
GSTR-9 & GSTR-9C filing due date for the FY 2018-19 had been extended till 31st December 2020.
Update on 15th October 2020
The CBIC (Central Board of Indirect Taxes and Customs) had notified that the filing of GSTR-9 will be made optional for small taxpayers (taxpayers having a turnover up to Rs.2 crore) for FY 2019-20.
Update on 30th September 2020
GSTR-9 & GSTR-9C filing due date for the FY 2018-19 had been extended up to 31st October 2020.
GSTR-4 filing due date for FY 2019-20 was further extended up to 31st October 2020.
GST Compliance Calendar for January 2021
|Applicable For||Form No.||Period||Due Date|
|Individuals with annual aggregate turnover of Rs.1.5 crore or more who prefer monthly return filing||GSTR-1||December 2020||11th January|
|Individuals with annual aggregate turnover of up to Rs.1.5 crore Individuals who prefer quarterly return filing||GSTR-1||October to December 2020||13th January|
|All Online Information Database Access and Retrieval (OIDAR) service providers||GSTR-5A (Monthly)||December 2020||20th January|
|Outward taxable supplies summary & tax to be paid by a non-resident (NRI) taxable person||GSTR-5 (Monthly)||December 2020||20th January|
|Every Input Service Distributor (ISD) operating within India||GSTR-6||December 2020||13th January|
|Individuals looking for TDS deductions from their GST payments||GSTR-7||December 2020||10th January|
|E-commerce operators with a summary of tax collected at source (TCS)||GSTR-8||December 2020||10th January|
|Annual GST returns filing for composition and regular taxpayers||GSTR-9||FY 2019-20||28th February|
|Individuals with an annual turnover exceeding Rs.5 crore need to file an Annual Reconciliation Statement||GSTR-9C||FY 2019-20||28th February|
|Annual turnover of up to Rs.5 crore in previous FY for May 2020 (Group A states and UTs)||GSTR-3B (Monthly)||December 2020||22nd January|
|Annual turnover of up to Rs.5 crore in previous FY for May 2020 (Group B states and UTs)||GSTR-3B(Monthly)||December 2020||24th January|
|Annual turnover of more than Rs.5 crore in the last FY||GSTR-3B||December 2020||22nd January|
Disclaimer: Group A and Group B state and union territories are divided in the following manner –
|Group A||Group B|
|Daman & Diu||Odisha|
|Lakshadweep||Jammu and Kashmir|
|Dadra & Nagar Haveli||Nagaland|
|Andaman and Nicobar Islands||Delhi|
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.