GST payment due dates are crucial for businesses to avoid incurring interest or late fees. Typically, the due date for GST payment is the 20th of every month Âą. However, this date may vary depending on the type of registration obtained for your GSTIN.
Here are some key GST due dates to keep in mind:
- GSTR-7: 10th of every month (Summary of Tax Deducted at Source) ²
- GSTR-8: 10th of every month (Summary of Tax Collected at Source) ²
- GSTR-1: 11th of every month (Summary of outward supplies where turnover exceeds Rs.5 crore) ²
- GSTR-3B: 20th of every month (Summary return for taxpayers with a turnover of more than Rs.5 crore) ²
- GSTR-4: 30th April (Annual return for taxpayers who opted into the composition scheme) ²
- ITC-04: 25th April (Half-yearly/yearly summary of goods sent to or received from a job-worker) ²
It’s essential to note that these due dates are subject to changes notified by the concerned department. To stay updated, you can refer to the GST calendar or consult with a tax professional.
Additionally, failing to meet these deadlines can result in penalties, including:
- Late Fee: INR 100 for every day during which the failure continues, subject to a maximum of INR 5,000 Âą
- Interest: Calculated from the first day on which the tax was due to be paid Âą
To avoid these penalties, ensure you’re aware of the GST payment due dates and file your returns on time.
