Key GST Deadlines before March 31, 2025

Key GST Deadlines before March 31, 2025

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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.