The Goods and Services Tax (GST) compliance calendar for June 2024 brings forth a series of important dates and deadlines that businesses must adhere to in order to maintain their compliance with tax regulations. As GST continues to evolve, staying abreast of these deadlines is crucial to avoid penalties and ensure smooth operations. In this comprehensive guide, we will delve into the key compliance dates and actions required for businesses in June 2024.

1. Filing GSTR-1:
   • Deadline: 10th June 2024
   • GSTR-1 is the monthly or quarterly return that contains details of outward supplies of goods and services. It must be filed by registered taxpayers, excluding those under the composition scheme. Businesses need to ensure accurate reporting of sales invoices, credit and debit notes, and amendments if any.
2. Filing GSTR-3B:
   • Deadline: 20th June 2024
   • GSTR-3B is a monthly self-declaration form where businesses summarize their sales and purchases for the month and declare the tax liability. Timely filing of GSTR-3B is crucial to avoid interest and late fees.
3. Payment of Tax:
   • Deadline: 20th June 2024
   • Along with filing GSTR-3B, businesses are required to pay their tax liabilities for the month. It’s essential to reconcile the tax liability and input tax credit to ensure accurate payment.
4. Filing GSTR-9 and GSTR-9C:
   • Deadline: 30th June 2024
   • GSTR-9 is the annual return while GSTR-9C is the reconciliation statement. These filings provide a comprehensive overview of the business’s financial activities for the entire financial year. Taxpayers must ensure meticulous review and compilation of data for accurate filing.
5. Input Tax Credit Reconciliation:
   • Throughout June 2024
   • Businesses should regularly reconcile their input tax credit (ITC) with the vendor’s reported sales to identify any discrepancies. Timely rectification of mismatches can prevent issues during annual filings.
6. Compliance Review:
   • Throughout June 2024
   • Businesses should conduct periodic reviews of their compliance processes to identify any gaps or errors. This includes verifying the accuracy of GST returns, maintaining proper documentation, and implementing necessary corrective measures.
7. GST Audit Preparation:
   • Throughout June 2024
   • For businesses subject to GST audits, June is the time to prepare documentation and ensure compliance with audit requirements. This includes maintaining records of transactions, reconciliations, and other relevant documents.
8. GST Council Updates:
   • Ongoing
   • Stay updated with any announcements or changes made by the GST Council regarding tax rates, compliance procedures, or deadlines. Adapting to regulatory changes in a timely manner is essential for compliance.
9. GST Awareness and Training:
   • Throughout June 2024
   • Continuous training and awareness programs for employees regarding GST compliance can help mitigate errors and ensure smooth operations. Investing in education and training fosters a culture of compliance within the organization.
10. Engagement with Tax Consultants:
    • Throughout June 2024
    • Businesses may benefit from consulting with tax experts to address complex issues, interpret regulatory changes, and optimize their tax strategies. Professional advice can help navigate the intricacies of GST compliance effectively.

Conclusion: The GST compliance calendar for June 2024 presents several critical tasks and deadlines that businesses need to prioritize to maintain compliance with tax regulations. From filing monthly returns to preparing for annual filings and audits, diligent adherence to these deadlines and actions is essential to avoid penalties and ensure seamless operations. By staying informed, proactive, and engaging with experts when necessary, businesses can navigate the complexities of GST compliance successfully.