Goods and Service Tax (‘GST’) has completed 5 years journey. While the journey has been tumultuous and seen its own ups and down, it has been largely successful in automation of compliances to larger extent and ease the compliance burden on taxpayers. Compliance is the backbone of GST and has seen a systematic rise over the past few months, evident from the month-on-month rise in the GST collection figures. The article covers some of basic returns due date falling in the month of July and also shed light on few important updates that has taken place in the preceding month.
A. GST Compliance Calendar:
The below tables capture these compliances in detail to ensure that the taxpayer files the returns and pay taxes under GST within the timeline to avoid late fee and interest liabilities.
|Taxpayer type||Form type||Return filing frequency||Tax Period||Due date|
|Taxpayers having an aggregate turnover of MORE than Rs. 1.50 Crores||GSTR-1||Monthly||June 2022||11 July 2022|
|Taxpayers having an aggregate turnover of LESS than Rs. 1.50 Crores||GSTR-1||Monthly||June 2022||11 July 2022|
|Taxpayers having an aggregate turnover of LESS than Rs. 1.50 Crores||GSTR-1 IFF (QRMP scheme taxpayers)||Quarterly||June 2022 out of April – June 2022 quarter||13 July 2022|
This return contains the details of outward supplies (consolidated data of GSTR-1), inward supplies subject to RCM payment, ITC details, exempt, nil-rated, and non-GST inward supplies, payment of tax details, etc.
|Aggregate turnover||Return filing frequency||State||Tax Period||Due date|
|Greater than 5 crores||Monthly||All states||June 2022||20 July 2022|
|Up to 5 crores||Monthly||All states||June 2022||20 July 2022|
|Up to 5 crores||Quarterly||Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep||April – June 2022||22 July 2022|
|Up to 5 crores||Quarterly||Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi||April – June 2022||24 July 2022|
1. ITC availed in GSTR-3B should be restricted to eligible ITC appearing in GSTR-2B. System-generated notices are getting issued to the taxpayers wherein ITC availed in the GSTR-3B is more than the ITC reflected in the GSTR-2B generated on the GSTN portal.
2. As per the Finance Act 2022, filing of GSTR-1 will become mandatory to file GSTR-3B for the tax period.
Other returns and forms–
|Return form||Return/ form filing frequency||Who are required to file||Tax Period||Due date|
|GSTR-5 and GSTR-5A||Monthly||Non-Resident Taxpayers and ODIAR services provider||June 2022||20 July 2022|
|GSTR-6||Monthly||Input Service Distributors||June 2022||13 July 2022|
|GSTR-7||Monthly||GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST||June 2022||10 July 2022|
|GSTR-8||Monthly||GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST||June 2022||10 July 2022|
|PMT-06||1st and 2nd month of every quarter||QRMP scheme taxpayers (filed for 1st and 2nd month of every quarter)||June 2022||25 July 2022|
|GSTR-11||Monthly||Persons having Unique Identification Number||June 2022||28 July 2022|
|CMP-08||Quarterly||Statement-cum-challan to declare the details or summary of his/her self-assessed tax payable for the quarter.||April – June 2022||18 July 2022|
B. GST Updates:
The GST Council finally met after a long time and lived up to its expectations of deciding upon several important issues while at the same time further streamlining and easing the compliance burden of taxpayers. The key highlights of the GST Council meeting from a compliance perspective are as follows:
a) GST rate changes for several products/ services:
b) Extension of limitation period in case of refunds.
c) Formula for calculation of refund in case of inverted duty structure amened to include input services.
d) Proposed exemption from filing of GSTR-9/ GSTR-9A for FY 2021-22 for taxpayers with aggregate turnover up to INR 2 crores.
e) Exemption of IGST on import of goods under Advance Authorization / Export Promotion Capital Goods scheme / Export Oriented Unit scheme proposed to be continued beyond 30 June 2022
Disclaimer: The above article is based on the author’s understanding and view of the tax laws, tax rules, the relevant circulars, and notifications. Please refer to the latest law and consult the author before forming any opinion basis the information provided above as tax laws are subject to frequent changes. The author is not responsible for any issues arising because of opinion based on the above article without consultation. In any manner whatsoever, the views expressed in this article should not be construed as the views of the firm, the author is associated with. The author can be contacted at [email protected].