Your GST Compliance Calendar for May 2024

As we step into May, businesses in India must gear up to ensure their Goods and Services Tax (GST) compliance remains on point. With various deadlines scattered throughout the month, it’s crucial to stay organized and keep track of your obligations. Here’s a breakdown of the key dates and filings for GST compliance in May 2024:

10th May (Friday)

GSTR-7 (Monthly): This filing is for businesses to declare and pay the TDS (Tax Deducted at Source) collected by them. It is a monthly return filed by taxpayers registered under GST who are required to deduct TDS as per the GST law.

GSTR-8 (Monthly): GSTR-8 is a monthly return filed by e-commerce operators to declare the supplies made through their platforms and the tax collected at source (TCS) on such supplies. It includes details of both inward and outward supplies made through the e-commerce platform.

11th May (Saturday)

GSTR-1 (Monthly): GSTR-1 is a monthly return filed by registered taxpayers to furnish details of outward supplies of goods and services. It includes information such as invoices issued, credit and debit notes, and advance received in relation to outward supplies made during the month.

13th May (Monday)

B2B Outward Supplies for QRMP – Invoice Furnishing Facility (IFF): Under the Quarterly Return Monthly Payment (QRMP) scheme, businesses can opt to furnish invoices for B2B transactions voluntarily for the first two months of a quarter using the Invoice Furnishing Facility (IFF). This is to ease the compliance burden for small taxpayers.

GSTR-5 (Monthly): GSTR-5 is a monthly return filed by non-resident taxpayers registered under GST. It contains details of supplies made and received by them during the month along with tax liability and payment details.

GSTR-6 (Monthly): GSTR-6 is a monthly return filed by Input Service Distributors (ISDs) to furnish details of the input tax credit (ITC) distributed among the units of the same entity or distributed to other registered entities.

20th May (Monday)

GSTR-5A (Monthly): GSTR-5A is a monthly return filed by online information and database access or retrieval (OIDAR) service providers who are non-resident taxable persons. It contains details of OIDAR services provided and tax liability.

GSTR-3B (Monthly): GSTR-3B is a monthly summary return filed by registered taxpayers to declare their outward and inward supplies, input tax credit (ITC) availed, and tax liability for the month. It is a self-assessed return.

25th May (Saturday)

PMT-06 (for QRMP): PMT-06 is a challan-cum-statement for taxpayers under the QRMP scheme to deposit self-assessed tax liability for the first and second months of the quarter.

28th May (Tuesday)

GSTR-11: GSTR-11 is a return filed by persons who have been issued a Unique Identity Number (UIN) to claim a refund of taxes paid on their inward supplies. It includes details of inward supplies received and refund claimed.

30th May (Thursday)

ITC-03: ITC-03 is a form filed by taxpayers to furnish details of input tax credit (ITC) reversed or reclaimed during a financial year due to any change in circumstances such as closure of business, change in the nature of business, etc.

Businesses need to adhere to these deadlines to avoid penalties and maintain compliance with the GST regulations. Utilizing technology solutions and keeping a detailed calendar can greatly assist in meeting these obligations efficiently.

As you navigate through May, ensure your GST filings are accurate and timely, contributing to the smooth operation of your business and fostering compliance with tax laws.

With GST Hero, stay informed, stay compliant, and stay ahead in your GST journey!