What Is the Last Date for Filing GST Returns?

Filing GST returns is a vital responsibility for businesses operating under the Goods and Services Tax (GST) regime in India. Adhering to deadlines ensures compliance, avoids penalties, and maintains smooth operations. This blog provides an in-depth look into the last date for filing GST returns and the applicable fees, offering clarity on how to stay compliant. Let’s dive into the details.

Understanding GST Return Filing

Filing GST returns involves submitting details of sales, purchases, and tax collected by a registered taxpayer. It allows the government to keep track of every financial transaction.

• Filing GST returns helps in tax compliance and reconciliation.
• GST returns provide transparency in business operations.
• Regular filing avoids unnecessary penalties.
• GST returns are classified under different forms, such as GSTR-1, GSTR-3B, etc.
• Each return type has specific due dates.
• Filing dates vary for monthly and quarterly filers.

GST Return Last Date

The deadline for filing GST returns is critical for avoiding fines. Missing the GST return last date can lead to penalties and complications.

• For GSTR-1, the due date is the 11th of the subsequent month for monthly filers.
• For quarterly filers, GSTR-1 is due on the 13th of the month following the quarter.
• GSTR-3B must be filed by the 20th of the next month for monthly filers.
• Quarterly taxpayers must file GSTR-3B by the 22nd or 24th of the next month after the quarter.
• Different due dates apply to composition taxpayers and annual return filers.
• Keeping track of the GST return last date prevents late fees and interest charges.

Late Fees for GST Return Filing

Filing GST returns beyond the stipulated time results in late fees, affecting both central and state tax components.

• The late fee is calculated per day of delay.
• ₹50 per day is charged for late GSTR-3B filing (₹25 for CGST and ₹25 for SGST).
• For nil returns, the late fee is ₹20 per day (₹10 for CGST and ₹10 for SGST).
• There’s no late fee for IGST but it can affect ITC claims.
• The maximum late fee is capped at ₹5,000 per return.
• These fees are non-refundable, and paying them doesn’t exempt the interest charges on the outstanding tax amount.

Interest on Delayed GST Payments

In addition to late fees, businesses must pay interest if the GST return is filed late and taxes remain unpaid.

• Interest is calculated at 18% per annum on the outstanding tax amount.
• It applies from the day after the due date till the actual payment date.
• Interest is charged on the gross tax liability before adjusting the Input Tax Credit (ITC).
• Delay in claiming ITC also attracts interest penalties.
• Even if late fees are waived, interest is mandatory for delayed tax payments.
• Interest can significantly increase the financial burden on businesses.

Waiver of Late Fees and Interest

The government occasionally offers relief by waiving late fees or interest for GST returns during difficult times like the COVID-19 pandemic.

• Waivers are often granted to support businesses during crises.
• It helps to reduce the compliance burden for affected taxpayers.
• Waivers typically apply to late fees, but not interest on unpaid taxes.
• Timely notifications are issued by the government about these relaxations.
• It’s essential to stay updated on such announcements for compliance relief.
• Businesses can benefit from these waivers by filing within the extended deadlines.

How to Avoid Late Fees and Interest

Staying compliant with GST return filings is crucial for avoiding unnecessary costs and maintaining a good business standing.

• Keep track of GST return last dates for monthly and quarterly filings.
• Set reminders to avoid missing deadlines.
• Use automated tools to ensure timely return submissions.
• Reconcile your accounts regularly to ensure accuracy in filings.
• Ensure you have adequate funds for tax payments by the due date.
• Stay updated on government notifications regarding deadline extensions or fee waivers.

Types of GST Returns and Their Filing Fees

Various GST return forms are used depending on the type of taxpayer and the frequency of filing.

• GSTR-1: Filed by regular taxpayers to report outward supplies; no direct filing fees, but late fees apply for delays.
• GSTR-3B: Summary return of sales, input tax credit, and taxes paid; again, no filing fee but late fees apply.
• GSTR-4: Filed by composition taxpayers; late fees apply if filed after the due date.
• GSTR-9: Annual return, with penalties for delays, but no filing fee.
• CMP-08: Filed quarterly by composition taxpayers, summarizing self-assessed tax.
• The main cost is the late fee for missing the GST return last date.

Monthly vs. Quarterly GST Filings

Businesses can opt for either monthly or quarterly filings, depending on their turnover.

• Monthly filers have a higher frequency of filing and must meet tighter deadlines.
• Quarterly filing is available for taxpayers with a turnover of up to ₹5 crore.
• While quarterly filers submit returns less frequently, they must remain diligent about deadlines.
• Monthly filers usually have fewer complications in reconciliation compared to quarterly filers.
• GST return last dates differ for both, and businesses must choose the right option based on their capacity.
• Businesses can change their filing frequency annually, depending on their turnover.

How AMpuesto Can Help with GST Return Filing

AMpuesto is a top solution for businesses looking to streamline their GST return filing process and avoid penalties.

• Ampuesto simplifies the GST return filing process through automation.
• It provides regular updates on GST return last dates, ensuring timely filings.
• The platform helps in the accurate calculation of GST return filing fees and interest.
• Businesses can rely on Ampuesto for real-time reconciliation and compliance monitoring.
• Automated reminders prevent missed deadlines and late fee penalties.
• Ampuesto’s user-friendly interface makes filing returns easy, saving time and resources.

Conclusion

In conclusion, understanding the GST return last date and applicable GST return filing fees is essential for businesses to remain compliant and avoid financial penalties. Regular filing, timely payments, and leveraging tools like Ampuesto can help businesses stay on top of their GST obligations. Whether you’re a small enterprise or a large corporation, adhering to these guidelines ensures smooth operations in the long run.