Goods and Services Tax (GST) compliance is crucial for businesses operating in India. One of the key compliance requirements is the timely filing of GST returns. Missing the due dates can result in penalties and interest charges. In this article, we will discuss the GST monthly return due dates, filing requirements, and penalties for late filing. Here is the list of GST Monthly Return Due Date for various returns like GSTR 1, GSTR 3B, GSTR -5 and more.
GST Monthly Return Forms and Due Dates
There are different types of GST returns that businesses need to file based on their eligibility and turnover. Below are the primary GST return forms along with their due dates:
1. GSTR-1 (Monthly Outward Supplies Return)
- Due Date: 11th of the following month
- Who Should File: Businesses with an annual turnover exceeding Rs. 5 crores or those opting for monthly filing under the QRMP scheme.
- Purpose: It includes details of outward supplies of goods and services made during the month.
2. GSTR-3B (Summary Return of Inward and Outward Supplies)
- Due Date: 20th of the following month
- Who Should File: All regular taxpayers.
- Purpose: It is a summary return that includes details of sales, input tax credit (ITC), tax liability, and tax payments.
3. GSTR-5 (Non-Resident Taxable Person Return)
- Due Date: 20th of the following month
- Who Should File: Non-resident taxable persons conducting business in India.
- Purpose: It contains details of sales and purchases made by non-resident businesses in India.
4. GSTR-6 (Input Service Distributor Return)
- Due Date: 13th of the following month
- Who Should File: Input Service Distributors (ISD).
- Purpose: It includes details of input tax credit distributed to different GSTINs.
5. GSTR-7 (TDS Deduction Return under GST)
- Due Date: 10th of the following month
- Who Should File: Businesses required to deduct TDS under GST.
- Purpose: It contains details of TDS deducted on payments to suppliers.
6. GSTR-8 (E-commerce Operators Return)
- Due Date: 10th of the following month
- Who Should File: E-commerce operators who collect tax at source (TCS) under GST.
- Purpose: It contains details of supplies made through the e-commerce platform and TCS collected.
Penalties for Late Filing of GST Returns
Filing GST returns on time is essential to avoid penalties and interest charges. Below are the consequences of late filing:
- Late Fees:
- For GSTR-1 and GSTR-3B: Rs. 50 per day (Rs. 25 CGST + Rs. 25 SGST) for regular taxpayers.
- For NIL returns: Rs. 20 per day (Rs. 10 CGST + Rs. 10 SGST).
- Interest on Late Payment:
- 18% per annum on the outstanding tax liability.
- Calculated from the due date until the actual payment date.
- Blocking of E-Way Bill Generation:
- If GSTR-3B is not filed for two consecutive months, the taxpayer cannot generate e-way bills.
- Legal Consequences:
- Persistent non-filing can lead to notices from GST authorities and even cancellation of GST registration.
Conclusion
Adhering to GST Monthly Return Due Date is crucial to maintaining compliance and avoiding penalties. Businesses should ensure timely filing of their returns to avoid unnecessary interest and late fees. Using GST-compliant accounting software and setting reminders for return filing can help in managing compliance effectively.
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