Key GST Deadlines Before March 31, 2025: Know What Taxpayers Need To Complete
As the financial year draws to a close, businesses and taxpayers need to complete crucial GST-related compliances before March 31, 2025, and missing these deadlines could lead to penalties, interest charges, or loss of beneficial schemes.
As the financial year draws to a close, businesses and taxpayers need to complete crucial GST-related compliances before March 31, 2025. Missing these deadlines could lead to penalties, interest charges, or loss of beneficial schemes. Here’s a checklist of important actions to take on the GST portal before the deadline.
1. Opting for the Composition Scheme (CMP-02)
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Taxpayers looking to opt for the Composition Scheme for the financial year 2025-26 must file Form CMP-02 on the GST portal. The scheme allows small businesses with lower turnover to pay GST at a reduced rate while complying with minimal tax formalities. The last date for submission is March 31, 2025.
2. Declaration for GTA under FCM/RCM (Annexure V/VI)
Goods Transport Agencies (GTAs) opting to pay GST under the Forward Charge Mechanism (FCM) or Reverse Charge Mechanism (RCM) must submit their declaration through Annexure V or Annexure VI on the GST portal. The deadline for filing this declaration is also March 31, 2025.
3. Submission of LUT Form for Zero-Rated Supplies
Businesses involved in exporting goods or services without paying IGST must file the Letter of Undertaking (LUT) form for the financial year 2025-26 by March 31, 2025. Filing this form ensures that businesses can continue making zero-rated exports from April 1, 2025 without having to pay GST upfront.
4. Rule 42 Annual Re-Calculation for FY 2024-25
To avoid interest liabilities, 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.
5. Opting In or Out of ‘Specified Premises’ for Restaurant Services (Annexure VII, VIII & IX)
Restaurants and food service providers operating from specified premises must submit Annexure VII, VIII, and IX to opt in or opt out of this classification before March 31, 2025. This filing is crucial for determining their GST applicability and compliance obligations.
6. Last Date for Amnesty Scheme Payment
Taxpayers looking to clear pending GST dues under the Amnesty Scheme (Section 128A of the CGST Act, 2017) should make their payments before March 31, 2025. The scheme offers interest and penalty waivers for taxpayers who failed to comply with GST laws for the financial years 2017-18, 2018-19, and 2019-20. This is a significant relief for businesses struggling with past liabilities.
With the deadline of March 31, 2025, remaining a couple of days, taxpayers should ensure they complete all necessary filings and payments on time. Proactive compliance can help avoid unnecessary penalties, interest costs, and legal complications.
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