goods and service tax
Published on 9 April 2025
June 2024 GST Compliance Calendar: Key Dates and Filing Requirements
Introduction
Filing taxes promptly offers significant advantages, including potential savings and the avoidance of financial issues like poor credit ratings and penalties for non-compliance. This article outlines the June 2024 compliance calendar for GST returns, detailing essential due dates, forms required, reporting periods, and relevant taxpayer categories.
What is a Term GST Return?
A Goods and Services Tax (GST)-registered taxpayer must submit a GST return to the relevant tax authorities. This return includes critical details regarding sales, purchases, income, and tax liabilities. Tax authorities utilize these returns to assess the taxpayer’s tax obligation and monitor adherence to GST regulations. The type and nature of transactions determine which GST returns need to be filed.
Key Points to Consider about GST Returns
- Timely filing is crucial to avoid fines and interest.
- Ensure accurate reporting of purchase, sales, and tax information.
- Proper filing of GST returns enhances the accuracy of input tax credit claims.
- Adhering to GST regulations through timely and precise submissions minimizes legal issues.
The June compliance calendar predominantly features GSTR-1 and GSTR-IFF, including their respective due dates for different turnover categories, along with filing frequencies and periods. Additionally, taxpayers with aggregate turnover exceeding 5 crores, or those opting for monthly filing, must complete the GSTR 3B return along with details regarding due dates and tax periods.
GST Compliance Calendar for June 2024
| Due Date | Form | Period | Who Should File |
|---|---|---|---|
| 10.06.24 | GSTR-07 | May 2024 | Required by persons obligated to deduct Tax Deducted at Source (TDS) under GST. |
| 10.06.24 | GSTR-08 | May 2024 | Required by persons obligated to collect Tax Collected at Source (TCS) under GST. |
| 11.06.24 | GSTR-1 | May 2024 | Taxpayers with aggregate income exceeding 5 crores or those who have opted for monthly filing. |
| 13.06.24 | GSTR-05 | May 2024 | Required by Input Service Distributors. |
| 13.06.24 | GSTR-06 | May 2024 | Required by Input Service Distributors. |
| 13.06.24 | IFF | May 2024 | Taxpayers with aggregate income exceeding 5 crores or those who have opted for quarterly filing. |
| 20.06.24 | GSTR-3B | May 2024 | Taxpayers with aggregate income exceeding 5 crores or those opting for quarterly filing. |
| 20.06.24 | GSTR-5A | May 2024 | Required by Non-Resident Taxpayers and Overseas Direct Investment in an Indian company (ODIAR SP). |
This table provides a clear overview of various forms such as GSTR-05, GSTR-5A, GSTR-06, GSTR-07, and GSTR-08, highlighting the corresponding due dates and the taxpayers responsible for filing.
Conclusion
Understanding the monthly compliance calendar is essential for businesses operating in India under the Goods and Services Tax (GST) framework. Adhering to GST laws and the June compliance calendar provides vital information regarding due dates, necessary forms, and reporting periods. By remaining informed and compliant, businesses can accurately file their returns and avoid penalties. It is advisable to regularly monitor official communication for any updates or changes in due dates.