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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.

Due Dates Forms to be Filled Period Who should File
10.06.24 GSTR-07 May 2024 To be filed by the persons who is 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 is 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 5 crores or who have opted to pay quaterly.
20.06.24 GSTR 3B May 2024 Taxpayers whose aggregate income is greater than 5 crores or who have opted to pay quaterly.
20.06.24 GSTR 5A May 2024 To be filed by Non-Resident Taxpayers and ODIAR SP

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.

Conclusion

Understanding the monthly compliance calendar is important for companies who 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 the information about due dates, forms to be filed, and the period, and knowing this business can file accurately and avoid penalties. Always check for important official notifications for extended due dates or changes in the due dates

Author Bio

Ishita is a young woman entrepreneur and currently the Operations Director at ebizfiling India Private Limited. In her entire career so far, she has led a team of 50+ professionals like CA, CS, MBAs and retired bankers. Apart from her individual experience on almost every facet of Indian Statutory View Full Profile

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