Compliance with the tax regulations drafted by the government of India is mandatory for taxpayers in India. Such compliance also leads to compliance with GST return due dates Check the revised GST return due dates GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-9, and so on. This article focuses on GST updates and the compliance calendar for August 2022.
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Meaning and Concept of GST Compliance
Taxpayers in India are obligated to follow the Indian government’s tax compliance recommendations. This type of compliance also emphasizes the need to fulfilling GST Return filing dates. View the revised GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, and other GST return filing forms due dates. The dates have been set by the Indian government.
Noncompliance with GST Return filing dates and other tax-related rules may result in harsh fines imposed by the government on Indian taxpayers. When it comes to tax evasion and corruption, tax compliance appears to be one of the Indian government’s and the tax department’s top concerns.
The GST compliance calendar organizes and maintains due dates for GST returns and other GST-related forms. With increasing complexity and ever-growing areas becoming a regulated reality, it is always wise to have a GST compliance calendar, whether offline or online. Furthermore, the risk of non-compliance is far greater than the cost of compliance. The GST Compliance Calendar can help you by:
- Data planning and organization
- Timely filing of GST Returns
- Clear compliance history
- Aid in audits
- Simple reporting
- Satisfied sellers, clients, and customers
Importance of Filing up GST Compliance
Some of the benefits that a compliant supplier can have include:
- Buyers can get an immediate input tax rebate
- Get an instant refund
- Get more business
- Reduce the chances of being audited by the tax authorities.
- A low GST rating will attract higher scrutiny from the department.
- Enjoy a better reputation
How will businesses benefit by becoming GST compliant?
The easiest way to understand this is with an example:
Ajit requires some office supplies and he shortlisted 2 vendors – ABC & XYZ.
ABC has a rating of 9, while XYZ’s rating is 6. Ajit learns from his friend Vinay that XYZ is not filing its GST returns on time, resulting in input credit being blocked, while ABC is well-rated and highly compliant.
As suggested by his friend and seller rating, Ajit places an order with ABC.
- Impact on the buyer:
Buyers will look for sellers with a higher rating, which will ensure they can take advantage of the input tax credit more quickly.
- Impact on sellers:
Sellers who have higher ratings will attract more customers.
So GST assessment will bring healthy competition among businesses. A potential client will ask about supplier compliance assessments before closing deals.
Latest GST Updates for Companies & Taxpayers
Let us look at the latest GST Updates regarding Companies and Taxpayers:
- 18 August 2022
Under the GST Act, the Ministry of Finance has laid down the principles for investigation, summons, arrest, and bail through Instructions No. 2 and 3.
Instruction No.2: Guidelines for Arrest and Bail
Instruction No. 3: Instructions for Issuance of Summons
- 12th of August, 2022
July 2022: features are now available on the GSTN portal for GST stakeholders related to refund claims, returns, registration, etc.
- August 4, 2022:
CBIC has clarified the new GST rate and exemption on certain services, penalties, and compensation through three circulars numbered 177, 178, and 179.
- August 3, 2022.
The CBIC department has introduced a facility to check the NIL box under GSTR-1/IFF with one click. The government of India has published Centre Tax Notification No. 17/2022 to introduce an e-invoicing system for businesses that have an annual turnover of INR 10 Crore w.e.f. October 1, 2022.
GST Compliance Calendar for September 2022
Let us look at the Compliance Calendar of GST for September 2022 below:
| Due Dates | Compliance Particulars | Forms/(Filing Mode) |
| 11.09.2022 | GSTR 1 (Monthly) for August | GSTR 1 |
| 13.09.2022 | GSTR 1 IFF (Optional) (August 2022) for QRMP | GSTR 1 IFF |
| 20.09.2022 | GSTR 3B for August for Monthly | GSTR 3B |
| 25.09.2022 | GST Challan Payment if no sufficient ITC for August (for all Quarterly Filers) | GST Challans |
Conclusion
The month of September 2022 is crucial for the payment deadlines under the Central Goods and Services Act, 2017. Filing the aforementioned paperwork on or before the due date will prevent taxpayers from large fines. Businesses must obey not just external laws and standards, but also internal corporate policies to succeed. As a company increases, compliance becomes more crucial. As a result, businesses must adjust their compliance procedures to external and internal changes.
