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Arjuna (Fictional Character): Krishna, as we have entered into the last month of this Calendar Year, are there important due dates which should be kept in mind before the end of this year?

Krishna (Fictional Character): Arjuna, this December Month is full of Due Dates which are important from both GST and Income Tax Point of view.

Arjuna (Fictional Character): Krishna, what are some important due dates of Income Tax and what are the implications if such due dates are not followed?

Krishna (Fictional Character): Arjuna, following are the important Income tax due dates:

Important Due Dates in the Month of December
  1. 7th December is the last date for payment of any tax deducted or collected in the month of November, otherwise interest @1.5% per month shall be applicable for late payment of TDS and TCS
  2. 15th December is the last date for payment of third Installment of Advance Tax for FY 2022-23 or else Interest u/s 234A/234B/234C shall be attracted for short payment/Non-payment of advance tax.
  3. 31st December is the Last date for filing Belated/Revised return for FY 2021-22, if the return is not filed before 31st December 2022 then the taxpayer will not be able to file/revise his Income tax return for FY 2021-22.

Arjuna (Fictional Character): Krishna, what are some important due dates of GST and what are the implications if such due dates are not followed?

Krishna (Fictional Character): Arjuna following are the important GST due dates:

 
  1. 11th December is the last date for Filing GSTR-1 for the month of November, if GSTR-1 is filed after 11th December then the purchaser would not be able claim ITC in respect of such goods until such ITC is reflected in his GSTR-2B report.
  2. 20th December is the last date for filing GSTR-3B for the month of November, if GSTR-3B is not filed before 20th December then Late Fees and Interest shall be applicable for late filing of GSTR-3B.
  3. 31st December is the last date for Filing GSTR9 and GSTR9C for FY 2021-22, or else late fees of Rs 200 per day maximum up to 0.25% of Turnover shall be applicable also a general penalty of Rs. 25,000 shall be charged for late filing of GSTR-9C.

Arjuna (Fictional Character): Krishna, what should one learn from this?

 

Krishna (Fictional Character): Arjuna, this December month the taxpayer has an opportunity of Filing a revised Income Tax return and also an opportunity to reconcile GST Turnover/ITC by filing GSTR9 and GSTR 9C for FY 2021-22. And, it should be kept in mind that to avoid any Interest, Penalties, Late Fees in the future the compliances should be made in time by the taxpayer.


 

Published by

CA Umesh Sharma
(Partner)
Category GST   Report

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