Understanding GST Compliance Requirements
Filing regular Goods and Services Tax (GST) returns is mandatory for all registered businesses in India. Failing to file returns on time attracts late fees under Section 47 and interest under Section 50 of the CGST Act.
Key Due Dates Checklist
- GSTR-1 (Outward Supplies): 11th of every month (Monthly filers) or 13th of the month following the quarter (QRMP scheme).
- GSTR-3B (Summary Tax Return): 20th of every month (Monthly filers) or 22nd/24th of the month following the quarter.
- CMP-08 (Composition Scheme): 18th of the month following the quarter.
- GSTR-9 & GSTR-9C (Annual Return & Reconciliation): 31st December following the relevant financial year.
Penalty & Late Fee Structure
- NIL Return Late Fee: ₹20 per day (₹10 CGST + ₹10 SGST) up to maximum limits.
- Taxable Return Late Fee: ₹50 per day (₹25 CGST + ₹25 SGST) up to ₹5,000 per return.
- Interest on Delayed Tax Payment: 18% per annum calculated on the net tax liability paid through electronic cash ledger.
Tips to Avoid Penalties
- Maintain automated purchase registers and reconcile GSTR-2B monthly to ensure complete Input Tax Credit (ITC) claim.
- File GSTR-1 on time so your buyers can claim ITC smoothly.
