GST

GST is intended to remove inefficiencies in the supply chain due to breakage of credit chain and cascading effect of taxes. It will subsume a plethora of indirect taxes presently levied at the central and state level in India. GST envisages a common national market for goods and services and removal of trade barriers. GST will have impact on supply chain, value additions and pricing of final outputs. Thus, businesses will have to examine transaction restructuring, supply chain optimization, business processes, training enterprise personnel, book keeping and making changes in the IT infrastructure so that they are GST ready.

Goods and Services Tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Taxable goods and services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be zero-rated and imports would be levied the same taxes as domestic goods and services adhering to the destination principle.

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Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
15 Aug 20 Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2020
15 Aug 20 P.F Payment for the month of July 2020
15 Aug 20 ESIC Payments for the month of July 2020
15 Aug 20 furnishing of Form 24G by an office of Government where TDS for m/o July 20 has been paid without production of a challan
20 Aug 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of July 2020
20 Aug 20 GST Return for NRI OIDAR service provider for the month of July 2020 (GSTR 5A)
30 Aug 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of July 2020
31 Aug 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of July 2020
07 Sep 20 Payment of TDS of August 2020 (For Govt deductors paying through challan)
10 Sep 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of August 2020
10 Sep 20 Statement by e-commerce operator with tax (GSTR-8) for the month August 2020
11 Sep 20 Filing of GSTR-1 for the month of August, 2020
13 Sep 20 Filing of GSTR-6 for input service distributor for the month of August 2020
14 Sep 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of July, 2020
14 Sep 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of July, 2020
15 Sep 20 P.F Payment for the month of August 2020
15 Sep 20 ESIC Payments for the of August 2020
15 Sep 20 furnishing of Form 24G by an office of Government where TDS for m/o Aug 20 has been paid without production of a challan
20 Sep 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of August 2020
20 Sep 20 GST Return for NRI OIDAR service provider for the month of August 2020 (GSTR 5A)
30 Sep 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of August 2020
30 Sep 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of August 2020
30 Sep 20 Audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on September 30, 2020).
30 Sep 20 Annual return of income for the assessment year 2020-21 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) wor
07 Oct 20 Payment of TDS of September 2020 (For Govt deductors paying through challan)
10 Oct 20 Statement by e-commerce operator with tax (GSTR-8) for the month September 2020
10 Oct 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of September 2020
11 Oct 20 Filing of GSTR-1 for the month of Sep, 2020
13 Oct 20 Filing of GSTR-6 for input service distributor for the month of Sep 2020
15 Oct 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of August, 2020.
15 Oct 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of August, 2020
15 Oct 20 P.F Payment for the month of September 2020
15 Oct 20 ESIC Payments for the of September 2020
15 Oct 20 Submission of Forms No.15G, 15H,27C for the quarter ending 30th Sep, 2020
15 Oct 20 furnishing of Form 24G by an office of Government where TDS for m/o Sep 20 has been paid without production of a challan
18 Oct 20 Filing of CMP-08 for the quarter Jul-Sep 2020
20 Oct 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of Sep 2020
20 Oct 20 GST Return for NRI OIDAR service provider for the month of Sep 2020 (GSTR 5A)
30 Oct 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of September 2020
30 Oct 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of September 2020
31 Oct 20 Filing of GSTR-1 for the quarter Jul-Sep, 2020
31 Oct 20 Quarterly statement of TDS deposited for the quarter ending September 30, 2020
07 Nov 20 Payment of TDS of October 2020 (For Govt deductors paying through challan)
10 Nov 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of October 2020
10 Nov 20 Statement by e-commerce operator with tax (GSTR-8) for the month October 2020
11 Nov 20 Filing of GSTR-1 for the month of Oct, 2020
13 Nov 20 Filing of GSTR-6 for input service distributor for the month of Oct 2020
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