Upcoming Important GST Due Date; Know Details

Every person who are business professionals need to file GST Returns to maintain GST compliance. There are number of GST Returns for several business entities as per their compliance.

In this article, we will look at the list of GST returns that must be filed by various types of organisations, as well as the GST return due date.

GST return due dates are provided month wise for all forms of GST returns, including GSTR 7, GSTR 5, and GSTR 6 and so on.

What are GST Returns?

A GST return is a document that contains information about all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is expected to report to the tax authorities. Tax authorities use this to compute net tax liability.

After filing GST returns, you must pay the resulting tax liability (money owed to the government).

Let’s look into various upcoming GST return due dates.

Form GSTR-7

Form GSTR-7 is a return which is required to be filed by the persons who deduct tax at the time of making/crediting payment to suppliers towards the inward supplies received. Tax deductor has a legal obligation:

• To declare his TDS liability for a given period (monthly) in Form GSTR-7;
• Furnish details of the TDS deducted under three major heads viz., Central tax, State/UT tax and Integrated tax in accordance with that return;
• File correct and complete return within stipulated time frame, given the fact that the TDS credit will be available to the counter party taxpayer (supplier) upon filing of TDS return in Form GSTR-7 by the Deductor (i.e., person liable to deduct TDS); and
• Issue TDS certificate to the deductee.

GST Taxpayers who are required to Deduct Tax at Source (TDS) under GST, Keep Attention!.

File your GSTR-7 Return for the month of July 2023 by 10th August 2023. Late Filing of GSTR-7 Return will attract late fee and interest.

Form GSTR-8

GSTR-8 is a return that e-commerce operators must file if they are obligated to deduct TCS (Tax collected at source) under GST. GSTR-8 comprises information on supply made through an e-commerce platform as well as the amount of TCS collected on such goods.

Every e-commerce operator who is GST registered must file GSTR-8. The GST Act defines an e-commerce operator as someone who owns or maintains a digital or electronic facility or platform for electronic commerce, such as Amazon.com. All such e-commerce firms must get GST registration and be registered for TCS (tax collection at source).

Attention, e-Commerce Operators, who are required to Collect Tax at Source (TCS) under GST. These taxpayers need to file their GST Return i.e GSTR-8 before due date. File your GSTR-8 Return for the month of July 2023 by 10th August 2023.

Late Filing of GSTR-8 Return will attract late fee and interest.

Form GSTR-1

Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies that must be filed by all regular and casual registered taxpayers who make outward supplies of goods and services or both, and it provides information on such outward supplies.

Attention! Taxpayer who are not under QRMP Scheme needs to file their return. File your GSTR-1 Return for the month of July 2023 by 11th August 2023.

Late Filing of GSTR-1 Return will attract late fee and interest.

Form GSTR-5

Every registered non-resident taxable person is required to furnish a return in GSTR-5 in GST Portal.

Non-resident foreign taxpayers are suppliers who do not have a commercial base in India and have come to make supply for a limited time. In GSTR-5, such a person must provide information on all taxable supplies.

It contains all business information for non-residents (NR), including sales and purchases. Information from GSTR-5 will uploaded into GSTR-2 of buyers.

The Due Date to file GSTR-5 is 13th August. Taxpayers who are Non-Resident File your GST Return i.e. GSTR-5 for the month of July 2023 by 13th August 2023.

Late Filing of GSTR-5 Return will attract late fee and interest.

IFF (GSTR-1)

Invoice Furnishing Facility (IFF) is a facility that allows quarterly taxpayers who are enrolled in the QRMP system to file their outward supply data in the first two months of the quarter (M1 and M2) in order to pass on the credit to their receivers.

Invoice Furnishing is an optional facility which enables the small registered person, furnishing the quarterly Form GSTR-1, to file their invoice details on monthly basis.

Small Taxpayers registered under GST needs to file their GST Return i.e. GSTR-1 with IFF Facility for the month of July 2023 by 13th August 2023.

Late Filing of GSTR-1 (IFF) will attract late fee and interest.

Form GSTR-6

GSTR 6 is a monthly return that an Input Service Distributor must file. It comprises information on ITC received by an Input Service Distributor and its distribution.

GSTR 6 comprises information on all of the documents provided for the distribution of Input Tax Credit, as well as the way in which credit is distributed and the tax invoice on which credit is received. Every ISD is required to submit GSTR 6, even if the return is nil.

Taxpayer who are input service distributer, they need to File their GST Return i.e. GSTR-6 for the month of July 2023 by 13th August 2023.

Late Filing of GSTR-6 Return will attract late fee and interest.