All-in-one Guide To Important GST Dates and GST Calendar 2023

The GST calendar for 2023 highlights two important dates for taxpayers. First, on July 1, 2023, the Goods and Services Tax (GST) rate is set to change. Businesses must update their pricing and tax calculations accordingly. Second, on October 1, 2023, the filing deadline for annual GST returns for the financial year 2022-2023 expires, mandating taxpayers to submit their comprehensive financial statements and ensure compliance.

Introduction
On July 1st, 2017, India implemented the Goods and Services Tax (GST), an indirect tax system. Various indirect taxes have been replaced by it, including excise duty, VAT, and service tax. GST is a destination-based tax levied on goods and services. Having a GST calendar helps businesses and professionals prepare well for compliance. 

The government has set GST deadlines and due dates to ensure taxpayers comply with GST regulations—taxpayers who do not file their GST returns by the deadline risk incurring interest or late fees. Discover GST filing last dates and some necessary GST due dates in 2023 in this article.

Did You Know? More than 160 countries have implemented GST or some form of VAT worldwide. France introduced the GST first.

GST Calendar and Its Importance

A GST calendar lists the important dates for filing all GST returns. For taxpayers to avoid paying interest or late penalties, GST dates must be kept in mind so that they can complete GST returns and prescribed forms on time. 

GST due dates must be known by accountants so that they can prepare their data and not wait until the last day of GSTR 1 to file their returns.

Overview of GST Return Filing

The section below provides information on GST return filing for regular taxpayers and composition taxable persons.

1. Regular Taxpayers

It is mandatory to file GST returns in forms GSTR-1 and GSTR-3B monthly by professionals and businesses registered under GST whose annual aggregate turnover exceeds Rs.5 crore (Really Rs.1.5 crore until December 2020). Alternatively, the rest of the taxpayers could choose quarterly GSTR-1 filings while continuing to file monthly GSTR-3B filings until December 2020.

As of 1st January 2021, taxpayers with annual revenue of up to Rs.5 crore shall opt for the QRMP scheme, allowing them to file GSTR-1 and GSTR-3B only once every quarter while making an estimated monthly tax payment. Quarterly filers of GSTR-1 can also upload invoices for outward supplies made to B2B through the Invoice Furnishing Facility (IFF). 

In the meantime, taxpayers can claim their input tax credit in their GSTR-3B using auto-drafted returns such as GSTR-2A and GSTR-2B.

2. Composition Taxable Persons

Persons registered under the composition scheme should pay tax once a quarter using form CMP-08, which gives basic information, and file a new version of GSTR-4 every year by 30th April. Until FY 2018-19, taxpayers registered under the composition scheme submitted quarterly returns in form GTSR-4 and annual returns in form GSTR-9A.

3. Specific Transactions GST Returns

Indian government defines GST special transactions by GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8 GST returns.

GST Return Due Date Extension Latest News 2023

The following section contains the latest news and GST due date extension notification 2023.

31st March 2023 Update

On 31st March 2023, CBIC issued CGST notifications. For the periods July 2017-March 2019 or FY 2017-18 to 2021-22 not filed, GSTR-4 can be filed between 1st April 2023 to 30th June 2023 at a concessional late fee that is waived off more than Rs.250 per return (no charge is applicable if there is no return).

If the non-filer of GST returns submits returns on or before 30th June 2023 with all applicable interests and late fees, regardless of appeal against the assessment order issued on or before 28th February 2023, the assessment is withdrawn.

Late filing of GSTR-9 from FY 2022-23 onwards is subject to a concessional late fee for the following categories of taxpayers: 

• Late fees of Rs. 25 per day are applied to turnover up to Rs.5 crore, with a maximum cap of 0.02%.
   
• A late fee of Rs 50 per day is applied to turnover over Rs 5 crore to 20 crore, subject to a maximum of 0.02% of turnover.

In case the taxpayers do not file the GSTR-10 yet, they will receive a concessional late fee of Rs. 500 per return if they do so between 1st April 2023 and 30th June 2023.

GST Return Due Dates 2023

An order or notification can extend the deadline for filing GST returns. Here are the due dates for upcoming GST returns that you should not miss!

Here is the GST calendar for Return Wise.

GSTR 1

Quarterly Filing

For annual turnovers up to Rs.5 crore, quarterly filing is available.

It is also possible for such taxpayers to use IFF to upload documents or B2B invoices every month if they opt into QRMP. Otherwise, they must file monthly returns.

Monthly Filing

A company with annual revenue exceeding Rs.5 crore must file monthly or do not qualify for the QRMP scheme, wherever applicable.

GSTR 2 and GSTR 3

There is currently a suspension on the filing of these forms.

GSTR 3B Due Date

The GSTR-3B is a monthly summary return that needs to be filed by every taxpayer except those registered under the composition scheme. From 1st January 2021, a quarterly filing option will also be available for taxpayers with an annual revenue of up to Rs.5 crore opting for the QRMP scheme. 

If, in the previous FY, the aggregate turnover exceeded Rs.5 crore, you have to follow the below table:

If the aggregate turnover in the previous financial year was up to Rs.5 crore, follow the below one.

1. For persons not opting for the QRMP scheme

2. For persons opting for the QRMP scheme

CMP 08

GSTR 4

For the GSTR 4 annual return, the last date to file is the 30th of the month of the previous year's filing.

GSTR 5

The non-resident taxable persons must pay tax on their outward supplies as follows. In the past, the GSTR-5 return form was due on the 20th of the next month for a specific tax period, but after Budget 2022, the due date will be on the 13th of the following month.

GSTR 5A

The following is a summary of outward taxable supplies and tax payable by providers of Online Information and Database Access and Retrieval Services (OIDAR):

GSTR 6

Details of Input Tax Credits (ITCs) distributed by an Input Service Distributor (ISD):

GSTR 7

The following is a summary of the tax deducted at source (TDS) and deposited under the GST laws:

GSTR 8

By GST laws, e-commerce operators collect the following taxes at source (TCS):

GSTR 9 and 9C

For FY 2022-23, GSTR-9 returns and self-certified reconciliation statements are due by 31 December 2023.

GST for Form ITC–04

Given below is for half-yearly ITC-04 to be filed by manufacturers who have a turnover of more than Rs.5 crore to report the sum of goods sent to or received from job workers:

An annual ITC-04 is to be filed by a manufacturer who sends or receives goods from job workers with a turnover of Rs.5 crore.

Conclusion

To ensure timely compliance with GST laws, it is essential for businesses and professionals to stay up to speed on the key GST dates and to have a GST calendar for 2023. Two crucial dates are the rate adjustment on July 1, 2023, and the yearly GST return submission deadline on October 1, 2023. 

By observing specific deadlines, taxpayers can avoid fines and guarantee efficient operations under the GST framework. Taxpayers can file their GST returns promptly if they know the GST dates. Taxpayers can avoid late fees or interest charges if they file within the due date. Hopefully, this article has clarified the GST dates for 2023 for you.

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