All professionals and registered businesses may plan for compliance well in advance thanks to the GST calendar. To avoid paying late interest or penalties, all taxpayers are required by law to file their GST returns within the time frames specified by the GST laws. Let us discuss about GST compliance calendar for November 2023.
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What is a GST Compliance Calendar?
A comprehensive assessment of a business’s GST compliance responsibilities conducted over a full year is called the GST Compliance Calendar. It describes all the legal requirements that a company must fulfill to maintain compliance with the Goods and Services Tax (GST) legislation in India. This covers keeping records, filing periodic returns, filing monthly, quarterly, and annual returns, paying taxes on time, and making payments in compliance with GST laws and regulations, among other things.
Importance of GST Compliance
The importance of GST compliance includes-
- Legal Obligation: Businesses are required by law to comply with GST to avoid fines and other repercussions.
- Operational Efficiency: By averting hiccups and legal problems, compliance guarantees seamless company operations.
- Advantages of Input Tax Credit: Businesses that comply with GST regulations can claim input tax credits, which lowers their overall tax bill.
- Credibility and reputation: Among stakeholders, compliance fosters a favorable reputation as well as trust and credibility.
- Prevent Penalties: Interest and penalties can be avoided by submitting and paying on time.
GSTR-1 Due Date
GSTR-1 is a monthly or quarterly return that should be filed by every registered GST payer except a few. Contains details of all outgoing deliveries i.e. sales. The GSTR-1 due date is 11 Nov 2023.
GSTR-3B Due Date
GSTR-3B is the declared summary GST return filed every month (quarterly for the QRMP scheme). Taxpayers are required to report aggregate details of sales, ITC claimed and net tax payable in GSTR-3B. The due date of GSTR-3B is the 20th day of the following month.
GST compliance calendar for November 2023
The GST monthly return due date for November is given below-
| Due Dates | GSTR Forms | Description |
| 10/11/2023 | GSTR–7 | Summary of Tax Deducted at Source (TDS) and imposed under GST Laws |
| 10/11/2023 | GSTR–8 | Summary of Tax Collected at Source (TCS) and imposed by E-Commerce Operators under GST Laws |
| 11/11/2023 | GSTR–1 | GST Filing of return by a registered person with a total turnover exceeding INR 5 crores during the previous financial year or every registered person decided to submit a monthly return |
| 13/11/2023 | GSTR–1 IFF | Details of B2B Supply of a registered person with turnover up to INR 5 crores during the previous year who has opted for quarterly filing of returns under QRMP |
| 13/11/2023 | GSTR–6 | Details of Input Tax Credit (ITC) received and distributed to Input Service Distributors (ISD) |
| 13/11/2023 | GSTR–5 | Overview of outgoing taxable supplies and tax payable by a non-resident taxable person. |
| 20/11/2023 | GSTR–5A | Overview of Outbound Taxable Supplies and Tax Payable by OIDAR Service Provider |
| 20/11/2023 | GSTR–3B | GST Filing of return by a registered person with a total turnover exceeding INR 5 crores during the previous financial year. |
| 25/11/2023 | PMT–06 | Payment of GST by a Registered Person who has decided to file a return under the QRMP system |
| 28/11/2023 | GSTR-11 | Statement of received supplies received by persons with a unique identification number (UIN) |
Conclusion
Every registered professional and business can better prepare for compliance by using the GST calendar, which is available well in advance. Every taxpayer must have access to GST data to file GST returns and the required documents under the GST Act 2017 and avoid paying late fees or interest.
In case of any query regarding the GST compliance calendar for November 2023, a team of expert advisors from Legal Window is here to assist you at every step. Feel free to reach us at [email protected].
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