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The GST is a dynamic system of taxes, and the government continuously updates the laws and policies governing it. Therefore, it’s critical to keep current in order to properly submit your returns. The government has been working to innovate and automate processes, and it has established tools for filing GST returns online through the Goods and Service Tax Network (GSTN) on the government’s GST portal. Every individual with a valid GSTIN who is registered for GST is required to submit all of the GST Returns that apply to their company. Even if there are no commercial transactions, submit your GST returns.
The Goods and Services Tax (GST) will ultimately foster long-term economic growth, and effectiveness is unaffected by business models, operating procedures, geographic location, or organizational layout. Every business organization that has an annual aggregate income or turnover of above Rs. 5 crore is obliged to register for GST and file monthly returns in addition to a yearly return. The government has established a number of GST return filing dates and GST due dates in order to ensure that taxpayers adhere to the GST laws1. Here is a calendar of GST filing dates for India for the years 2023- 2024, along with certain key GST dates.
The states that are included in X category are Chhattisgarh, Madhya Pradesh, Goa, Kerala, Tamil Nadu, Gujarat, Maharashtra, Karnataka, Telangana, Andhra Pradesh, the Union Territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep are also included in this category.
The states that are included in Y category are Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Uttarakhand, Tripura, Meghalaya, Assam Nagaland, Manipur, Mizoram, Himachal Pradesh, Punjab, West Bengal, Jharkhand, Odisha, the Union Territories that are included in this category are Jammu and Kashmir, New Delhi, Ladakh, and Chandigarh.
In conclusion, it is important to stay compliant with all Goods and services tax rules and regulations so that you do not attract any penalties or late fees. GST returns are to be filled according to the given time period without fail to comply with all rules. The input tax credit can also be availed if you file all the GST returns according to the dates given. GST returns are, in simple words, a transparent manner of reporting all the transactions of the business to tax authorities.In addition to being legally required, filing GST returns can also benefit your company in a number of ways.
March 31 is the last date to file GST in March 2023
July 11 is the last date for GSTR 1.
March 11 is the last date for GSTR 1 in March 2023.
You can count the late fees for GSTR 3B using this formula – Interest = Tax payable x 18 x Number of days of delay / 100.
The last fee charged for GST is Rs fifty per day.
Yes, there is amnesty for GST. The date has been extended to August 31.
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