Important GST Compliance deadlines are approaching, and taxpayers need to be aware of them and ensure compliance with the declarations to avoid penalties.
Two important GST Compliance deadlines coming up in India
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Other countries
Author: Ivana Picajkić
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Fiscal subject related
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Content accuracy validation date:
15.11.2024
Content accuracy validation time:
07:33h
Starting October 31, 2024, taxpayers need to be aware of two important GST compliance deadlines:
1. RCM Liability/ITC Statement: Taxpayers must declare their opening balance in the Reverse Charge Mechanism (RCM) Liability/ITC Statement. This tool improves the accuracy of RCM transactions by aligning reported liabilities with corresponding input tax credits (ITC).
- For Monthly Filers: The statement is applicable from August 2024,
- For Quarterly Filers: It applies to the July-September 2024 quarter.
- Deadline: Declare by October 31, 2024. Any errors can be amended until November 30, 2024.
2. ITC Reversal Ledger: The government has also introduced an ITC Reversal/Reclaimed Statement to help accurately report ITC reversals.
- For Monthly Filers: Report the opening balance up to July 2023.
- For Quarterly Filers: Reflect the balance through Q1 of FY 2023-24 (April-June 2023),
- Period for Reporting: October 15 to October 31, 2024. Amendments can be made until November 30, 2024.
Taxpayers are encouraged to complete these declarations promptly to ensure compliance and avoid penalties.
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