The Goods and Services Tax (GST) Bill has finally been passed that allows implementation of Goods & Services Tax. The Government is looking to implement the new tax regime from 1st April 2017. Important Events and Dates of compliances under the GST Act are given as below to ensure that no compliances are missed out
The important events and dates related to GST are listed below for reference.
TIME PERIOD FOR REGISTRATION, CANCELLATION, AND REVOCATION OF REGISTRATION
- Application within 30 days from the date on which person becomes liable to registration as per schedule III.
- In cases where the application is within the time limits as prescribed, the date for registration effectively would be the date of his liability for registration.
- In cases where the application is not made within the prescribed timeframe, the date for registration would be effectively the date on which the approval of registration is received.
- In case the documents which have been upload and the information which is provided are found to be in proper order, within 3 working days the approval to the common portal is provided.
- If there are no issue is conveyed to the respective applicant in the 3 days period, the application is considered to have been granted.
- Registration certificate which is granted to a nonresident individual or a normal taxable individual would be applicable for a period of 90 days from registration date. (Further extension is limited to a 90 day period)
- For queries, it would be conveyed to the respected applicant within 3 working days. The said applicant has to provide a reply to such query within the period as informed by the tax authorities. This period usually is 7 working days.
- As and when the clarification or additional document is received, the tax authority would provide their response within 7 working days.
- Revocation: Within 30 days from the date of service of the cancellation order.
DATES FOR FILING OF TAX RETURN
The following dates are to be followed for filing tax return:
- GSTR 1- By 10thof the subsequent month the return is to be filled for outward supplies
- GSTR 2- By 15thof the subsequent month the return is to be filled for inward supplies
- GSTR 3- By 20th of the subsequent month the monthly return is to be filled
- GSTR4- By 18thof next month from end of quarter, quarterly return is required to be filled by a compounding taxpayer
- GSTR 5 – By 20thof the subsequent month the periodic return is to be filled by a Non-resident
- GSTR 6 – By 13thof the subsequent month the return is to be filled for Input Service Distributor
- GSTR 7 – By 13thof the subsequent month the return is to be filled for Tax deducted at source
- GSTR 8 – By 31st December of next Financial Year the annual return has to be filled
Important: Rectification will be permitted before filing the monthly return for the month of September subsequently at the end of the financial year to which those details belong (i.e. 20th / 18th October of succeeding Year), or filing of the appropriate annual return, whichever is earlier.