Compliance Calendar For GST Returns, June 2024

[Ishita Ramani]

Introduction

Filing your taxes on time not only gives you an advantage in terms of saving money but also helps you avoid financial difficulties like bad credit ratings and penalties for non-compliance. In this article, we will navigate through the June 2024 compliance calendar for GST returns, which includes term GST returns, important due dates, forms to be filed, periods, and taxpayers.

What is a Term GST Return?

A Goods and Services Tax (GST)-registered taxpayer is required to file a GST return with the applicable tax authorities. It comprises information about sales, purchases, income, and tax liabilities. Tax authorities utilize GST returns for calculating the taxpayer's tax burden and ensure that the GST guidelines are being followed. There are various types of GST returns that need to be filed, depending on the type of taxpayer and the nature of the transactions.

Vital Points to Consider about GST Returns.

• It is important to file taxes on time to avoid fines and interest.
• Make sure that all the information about purchases, sales, and taxes is reported correctly.
• Input tax credit claims can be made more properly when GST returns are filed accurately.
• Maintaining compliance with GST regulations and avoiding legal problems will be avoided by timely and precise submission.

 The June compliance calendar mainly comprises GSTR-1 and GSTR-IFF and their due dates for taxpayers for various turnovers, along with filing frequency and due dates. GSTR 3B Return, which has to be filed by taxpayers whose aggregate turnover is greater than 5 crores or who have opted to file monthly, providing their filing frequencies, due dates, and tax periods.

Here we can have a glance at other forms and returns such as  GSTR-05, GSTR-5A, GSTR-06, GSTR-07, and GSTR-08. It explains clearly who has to pay, the due date, and their tax periods.

Important due Dates for filing GST returns for June 2024

Due Dates	Forms to be Filled	Period	Who should file?
10.06.24	GSTR-07	May  2024	To be filed by the persons who are required to deduct TDS i.e., Tax deducted at Source Under GST.
10.06.24	GSTR-08	May  2024	To be filed by the persons who are required to deduct TCS i.e., Tax Collected at Source Under GST.
11.06.24	GSTR-1	May  2024	Taxpayers whose aggregate income is greater than 5 crores or who have opted to  pay monthly
13.06.24	GSTR-05	May  2024	To be filed by Input Service Distributors.
13.06.24	GSTR-06	May  2024	To be filed by Input Service Distributors.
13.06.24	IFF	May  2024	Taxpayers whose aggregate income is greater than Rs 5 crore or who have opted to pay quarterly.
20.06.24	GSTR 3B	May  2024	Taxpayers whose aggregate income is greater than 5 crores or who have opted to  pay monthly
20.06.24	GSTR 5A	May  2024	To be filed by Non-Resident Taxpayers and ODIAR service providers.

Conclusion

Understanding the monthly compliance calendar is important for companies that operate in India under the Goods and Services Tax (GST) system to avoid fines. Complying with  GST Laws and the June compliance calendar is a great source, which provides information about due dates, forms to be filed, and the period. Knowing this, businesses can file accurately and avoid penalties. Always check for important official notifications for extended due dates or changes in the due dates.