SEBI-registered intermediaries, including Alternative Investment Funds (AIFs), Portfolio Management Services (PMS), Research Analysts (RAs), Investment Advisers (IAs), and Stock Brokers, have specific GST compliance obligations with prescribed due dates. Missing these deadlines can lead to late fees, interest, and penalties.
This article provides a comprehensive GST compliance calendar for SEBI-registered intermediaries.
Monthly Compliance
- GSTR-1: Due by the 11th of the following month for monthly filers. This return reports outward supplies.
- GSTR-3B: Due by the 20th of the following month for monthly filers. This return reports summary sales, ITC claims, and tax payment.
- GSTR-7: Due by the 10th of the following month for TDS deductors under GST.
- GSTR-8: Due by the 10th of the following month for e-commerce operators collecting TCS.
Quarterly Compliance
- GSTR-1 (QRMP): Due by the 13th of the month following the quarter for quarterly filers under the QRMP scheme.
- GSTR-3B (QRMP): Due by the 22nd or 24th of the month following the quarter , depending on the state.
- PMT-06: Monthly tax payment for QRMP filers, due by the 25th of the following month .
Annual Compliance
- GSTR-9: Annual return due by 31st December of the following financial year.
- GSTR-9C: Reconciliation statement (if applicable) due by 31st December .
LUT Filing
- Letter of Undertaking (LUT): Must be filed annually in Form RFD-11 before April 1 for exporters who wish to export without paying IGST.
Key Considerations for SEBI Intermediaries
- AIFs: Category I and II AIFs may not need GST registration but must comply with RCM on certain services. Category III AIFs may require registration.
- PMS: Must charge 18% GST on management and performance fees and file returns accordingly.
- RAs and IAs: Must charge 18% GST on advisory fees and file returns.
- Stock Brokers: Must charge 18% GST on brokerage and other taxable services.
Practical Tips
- Maintain a compliance calendar with all due dates.
- Set reminders for monthly and quarterly filings.
- Reconcile GSTR-1 with GSTR-3B every month.
- Reconcile ITC claims with GSTR-2B.
- File LUT before the start of the financial year.
- Consult a GST professional for complex compliance issues.
Conclusion
SEBI-registered intermediaries must adhere to strict GST compliance deadlines. Missing deadlines can result in late fees, interest, and penalties. A structured compliance calendar is essential for timely filing.
At Anuj Desai & Associates, we provide end-to-end GST compliance services for SEBI-registered intermediaries. Our team can help you with return filing, reconciliation, and compliance management.
For a confidential consultation, contact us at office@anujdesaiassociates.com or call 9619456656. Visit our website at https://anujdesaiassociates.com or connect with our founder on LinkedIn at linkedin.com/in/ca-anuj-desai-122547230.