Search for:
Key GST Deadlines before March 31, 2025

Key GST Deadlines before March 31, 2025

TALK TO EXPERTS

 

As the financial year concludes, businesses and taxpayers must fulfill key GST-related obligations before March 31, 2025. Failing to meet these deadlines could lead to penalties, interest charges, or the loss of various tax benefits. To ensure compliance, here’s a comprehensive list of important tasks that need to be completed on the GST portal before the due date.

1. Opting for the Composition Scheme (Form CMP-02)

Small businesses wishing to benefit from the Composition Scheme for the financial year 2025-26 must submit Form CMP-02 through the GST portal. This scheme is specifically designed for businesses with lower turnovers, allowing them to pay GST at a reduced rate while minimizing their compliance obligations. The last date to apply is March 31, 2025. Businesses that fail to opt in by this date will have to follow the regular GST tax structure for the next financial year.

2. Declaration by Goods Transport Agencies (Annexure V/VI)

Goods Transport Agencies (GTAs) that wish to pay GST under either the Forward Charge Mechanism (FCM) or the Reverse Charge Mechanism (RCM) must submit their declaration using Annexure V or Annexure VI on the GST portal. This declaration specifies whether the GTA will collect and pay GST or if the recipient of the service will be liable to pay under RCM. The deadline for filing this declaration is March 31, 2025. Submitting it on time ensures the correct tax mechanism is applied for the next financial year.

3. Filing of LUT for Zero-Rated Supplies

Businesses engaged in exporting goods or services without paying IGST must file their Letter of Undertaking (LUT) for the financial year 2025-26 by March 31, 2025. The LUT allows exporters to continue making zero-rated supplies without having to pay GST upfront. If the LUT is not submitted on time, businesses may be required to pay IGST on exports and later claim refunds, leading to potential cash flow issues.

4. Annual Input Tax Credit (ITC) Re-Calculation Under Rule 42 for FY 2024-25

Taxpayers engaged in both taxable and exempt supplies are required to recompute their Input Tax Credit (ITC) annually under Rule 42 of the CGST Rules. This recalculation ensures that businesses accurately account for ITC adjustments, preventing excess credit claims and reducing the risk of interest liabilities. The annual re-computation process must be completed by April 1, 2025, to avoid any financial consequences due to miscalculations.

5. Submission of Annexure VII, VIII & IX for Restaurant Services

Restaurants and food service providers operating from specified premises must file Annexure VII, VIII, and IX on the GST portal before March 31, 2025, to either opt in or opt out of this classification. This classification determines their GST applicability and compliance obligations. Ensuring timely submission helps businesses correctly categorize their tax liabilities for the upcoming financial year.

6. Payment of Pending GST Dues Under the Amnesty Scheme

Taxpayers with outstanding GST dues from previous financial years can take advantage of the Amnesty Scheme under Section 128A of the CGST Act, 2017. This scheme provides waivers on interest and penalties for non-compliance in the financial years 2017-18, 2018-19, and 2019-20. To benefit from this relief, businesses must clear their pending GST dues before March 31, 2025. This presents a crucial opportunity for taxpayers struggling with past liabilities to settle them at a reduced cost.

Why Meeting the March 31, 2025 Deadline Is Important

With the financial year-end fast approaching, businesses must ensure they complete all necessary GST filings and payments on time. Timely compliance helps businesses:

✔ Avoid penalties and interest charges resulting from missed deadlines.
✔ Continue enjoying benefits such as the Composition Scheme and zero-rated exports under LUT.
✔ Prevent business disruptions due to regulatory non-compliance.
✔ Maintain healthy cash flow management by preventing unexpected tax burdens.

Final Thoughts

With only a short time left until March 31, 2025, businesses must act promptly to complete all GST-related compliances. Filing the required forms, declarations, and payments on time will help taxpayers avoid financial penalties and legal issues. By adhering to GST regulations and meeting deadlines, businesses can maintain compliance while benefiting from tax-saving schemes that promote a transparent and efficient financial system.

GST registration in Hyderabad

GST registration in Hyderabad

 

 

 

TALK TO EXPERTS

 

 

 

Many indirect taxes in India have been replaced by this indirect tax. The GST is a single countrywide indirect tax. The GST (Goods and services Tax) was passed in the Parliament of India on 29th March 2017 and it happened on first July 2017. GST registration in Hyderabad can be done as guidelines framed by the government.

What is GST migration?

In GST which can authorize GST registration in Hyderabad, migration is the process of giving a GSTIN to the existing taxpayers of VAT or service tax. The GSTIN will replace the existing VAT and Service Tax certificates in order to facilitate a smooth GST migration.

In the ACES Portal, any taxpayer who is registered for the Central Excise or Service Tax will receive instructions on how to switch to the GST. The portal begins the verification procedure after receiving the necessary information. Upon approval, the citizen gets the GSTIN.

Eligibility

It is required by law for existing taxpayers to register through the GST system portal. An entity that is registered with each of the authorities is known as an existing taxpayer.

  • Central excise
  • Service tax
  • State sales tax or VAT
  • Entry tax
  • Luxury tax
  • Entertainment tax

Registration procedure

Paperless enrollment will be used for everything; thus, no printed copies will be engaged by the office. Additionally, the GST system portal must be accessed by all of the aforementioned registered taxpayers.

Further, every one of the citizens ought to enlist for GST, in the event that the yearly turnover is more noteworthy than Rs.20 lakh which is the GST exclusion limit for Online GST registration in Hyderabad.

Obtain provisional ID

You can complete the GST migration process with the following additional information if you have a provisional ID and password:

  • Valid e-Mail ID
  • Valid mobile number
  • Bank account number
  • IFSC code

GST migration acknowledge number

An acknowledgment number is generated after the form and all supporting documents are submitted via the GST portal (under which GST registration in Hyderabad can be done).

The acknowledgment number should be put something aside for every future correspondence.

Is GST compulsory for small business?

GST registration in Hyderabad is required for every taxpayer whose annual revenue exceeds 40 lakhs. You must register for GST if you want to sell goods and services at events or exhibitions where you don’t need a permanent location for your business.

In light of a 90-day projection of deals, such a dealer is expected to pay GST. The 90-day validity period for a temporary GST Registration status.

If a non-resident Indian (NRI) wants to start a business in India, they need to register for the GST. Just a short time after it is made, another status of GST registration in Hyderabad is viewed as dynamic.

Online GST registration in Hyderabad is required for all input service distributors and supplier agents who wish to carry forward the benefit of the input tax credit, as well as businesses that employ the reverse charge method.

The raised GST registration barrier

Before the Goods and Services tax was executed, firms that made in excess of 5 lakh in a year were committed to pay tax. Companies should enroll with the Goods and service tax assuming their annual revenue surpasses 40 lakh rupees.

As far as possible for specialist organizations is Rs. 20 lakhs. Numerous small businesses, particularly startups, have benefited from India’s increased GST threshold. For Indian private companies, the GST which can get GST registration in Hyderabad has likewise made a composition system.

Businesses that have annual sales of less than Rs. 1.5 million people are entitled to a lower tax rate. Prior to GST registration in Hyderabad, you can utilize our GST counseling specialist to decide the amount GST you owe.

Tax credits are available for purchases

The service sector is home to the majority of Indian startups. They were required to collect and pay service tax to the government prior to the introduction of the GST which can get GST registration in Hyderabad. One of the greatest concerns was that the VAT paid on business buys wouldn’t be utilized actually.

The service tax could not be subtracted from the state VAT that was paid. The issue has been resolved by the introduction of the GST that can have GST registration in Hyderabad.

For example, an organization can deduct the GST charge they pay from the expense they pay on their deals while making buys like office supplies.

What justifies GST registration?

Businesses that gets Online GST registration in Hyderabad enjoy a number of benefits, such as formal recognition as legal entities and ongoing legal changes as a result of their registration status.

You will be able to successfully outbid your competitors who are not registered with the taxing authority.

You must first register for GST and get a GSTIN number before you can sell goods or services on an e-commerce platform like Flipkart, Amazon, or your own website.

The main individuals who can utilize input tax breaks on buys and set aside cash are people who have GST registration in Hyderabad.

There are no restrictions on where you can sell in India.

You won’t be able to do business across state lines if you don’t have your GSTIN. Just a business with a GST registration in Hyderabad can do this.

In order to apply for a number of government contracts, you need a GSTIN number after getting GST registration in Hyderabad. India may miss out on a lucrative business opportunity if GST is not implemented.

Use of GSTIN

An abbreviation for the term “Goods and Service Tax Identification Number” is “GSTIN.” There are 15 letters and numbers in total. This report is made by the Government following an effective GST registration in Hyderabad.

Registration and Tax return filing process

People no longer need to rush from one tax office to another to submit paperwork and obtain an identification number.

The GST registration in Hyderabad and return documenting process is currently fast and basic because of the web.

If you have all of the necessary paperwork, getting a registration number won’t take long. The Goods and Services Tax (that can have GST registration in Hyderabad), which was recently implemented, will provide financial benefits to companies with limited cash.

The Goods and Services Tax (which can get GST registration in Hyderabad) has been implemented in India, giving small and new businesses a much-needed break.

Conclusion

Having Online GST registration in Hyderabad is one of the most crucial aspects of maintaining the smooth operation of small and medium-sized businesses in India. This blog shows the requirement for a GST number for GST registration in Hyderabad.

Because it is beneficial to aspiring businesspeople and straightforward. The GST number can be used to get loans, cut costs, and make corporate operations more flexible and efficient. It could require a ton of investment to enlist for GST, particularly for new organizations or private ventures.

GST registration in Hyderabad