GST compliance: Key deadlines to meet before March 31
What's the story
Taxpayers and businesses are reminded of important Goods and Services Tax (GST) compliance deadlines that need to be fulfilled before March 31, 2025.
Non-compliance with these deadlines may lead to penalties, interest charges, or loss of beneficial schemes.
Here's a detailed list of important actions that need to be performed on the GST portal before this deadline.
Scheme details
Opting for the composition scheme
Taxpayers keen on the Composition Scheme for FY 2025-26 should file Form CMP-02 on the GST portal before March 31, 2025.
This scheme is applicable for small businesses with a lower turnover, enabling them to pay GST at a concessional rate while adhering to fewer tax formalities.
The submission deadline is essential to continue availing benefits under this scheme.
Declaration submission
Declaration for GTA under FCM/RCM
Goods Transport Agencies (GTAs) choosing to pay GST under Forward Charge Mechanism (FCM) or Reverse Charge Mechanism (RCM) will have to file their declaration via Annexure V or Annexure VI on the GST portal.
The last date for the same is also March 31, 2025.
This step is crucial for GTAs to remain compliant with GST rules and avoid penalties.
LUT filing
Submission of LUT form for 0-rated supplies
Businesses exporting goods or services without paying Integrated GST (IGST) must file the Letter of Undertaking (LUT) form for FY 2025-26 by March 31, 2025.
This filing ensures that businesses can continue making zero-rated exports from April 1, 2025, without having to pay GST upfront.
It is a crucial step for businesses involved in international trade.
Re-computation requirement
Rule 42 annual re-calculation for FY 2024-25
Taxpayers dealing with exempt and taxable supplies must complete their annual re-computation under Rule 42 by April 1, 2025.
This process ensures accurate Input Tax Credit (ITC) calculations and prevents unnecessary tax burdens.
Completing this re-computation on time is essential to avoid interest liabilities and ensure compliance with GST regulations.
Annexure submission
Opting in or out of 'specified premises'
Restaurants and food service providers operating from specified premises must file Annexure VII, VIII, and IX to opt in or out of this classification before March 31, 2025.
This filing is essential to determine their GST applicability and compliance obligations.
Meeting this deadline ensures that these businesses remain compliant with GST regulations pertaining to their specific operations.
Amnesty scheme
Last date for amnesty scheme payment
Taxpayers seeking to clear pending GST dues under the Amnesty Scheme (Section 128A of the CGST Act, 2017) must pay before March 31, 2025.
The scheme provides interest and penalty waivers to taxpayers who failed to comply with GST laws for FYs 2017-18, 2018-19, and 2019-20.
This comes as a huge relief for businesses grappling with past liabilities.