Part 2 · Running the business · Chapter 2.8
The compliance calendar
Draft: the wording may change. Tax rules change every year, so check current rates and dates on the official portal before you act.
The idea
At home, the electricity bill, the school fees and the insurance premium are written on one calendar on the kitchen wall, so nothing is paid late. A business needs the same thing: every due date on one page, with a name against each row. A missed date rarely costs much once. It costs a little every time, every month, until someone writes it down.
What goes on the page
Most of the items come from earlier chapters. Grouped by how often they come round:
| How often | What | Chapter |
|---|---|---|
| Monthly | GSTR-1 (sales), GSTR-3B and the GST payment | 2.6 |
| Monthly | TDS deducted last month, deposited | 1.17 |
| Monthly | PF and ESI for last month's payroll, deposited | 2.7 |
| Quarterly | TDS returns | 1.17 |
| A few times a year | Advance tax instalments | 1.16 |
| Half-yearly | Professional tax to the local body | 2.7 |
| Yearly | Books closed for the year ending 31 March | 2.12 |
| Yearly | Income tax return; tax audit, if your turnover needs one | 1.16 |
| Yearly | GST annual return, if your turnover needs one | 2.6 |
| On their own cycle | Licence and registration renewals: FSSAI, drug licence, trade licence | 2.9 |
Some rows may not apply to you — a business may file GST quarterly, or may be below the limit for PF or ESI. Others may be missing: a vehicle's insurance and permit, a godown lease, a loan instalment. Add whatever your business pays on a date.
The date column is yours to fill
This book does not print the due dates, on purpose. They are set by the GST authorities, the Income Tax Department, EPFO, ESIC and your local body, and they move — a date is extended one year, a new return is added the next. A printed date that has gone stale is worse than no date.
So every April, fill the date column yourself from the official portals: the GST portal, incometax.gov.in, the EPFO and ESIC portals, your local body, FSSAI and the drugs control department. Your CA can check it in ten minutes. As a rough guide, most monthly deadlines fall in the first three weeks of the following month — which is why month-end closing (chapter 2.12) has to finish early.
At the counter
The calendar for one stockist, as it sits on the office wall:
| What | Who | Due date | Done on | Proof |
|---|---|---|---|---|
| GSTR-1, October | Accountant | (from portal) | Acknowledgement no. | |
| TDS deposit, October | Accountant | (from portal) | Challan no. | |
| PF and ESI, October | Accountant | (from portal) | Challan no. | |
| GSTR-3B and GST payment, October | Accountant, approved by owner | (from portal) | Acknowledgement no. | |
| FSSAI renewal | Owner | (date on the licence) | Application no. |
Three habits make it work:
- One name per row. "The office will do it" means nobody will.
- Proof, not a tick. Write the acknowledgement or challan number. A tick can be wrong; a number can be checked.
- A weekly look. The owner reads the page every Monday. Anything due in the next ten days and not done gets a phone call that day.
Common mistake
Keeping the calendar in one person's head. The accountant knows every date, then goes on leave for a family wedding in the second week of the month. GSTR-1 and the PF deposit both slip. The late fee runs per day, the interest per month, and nobody notices until a notice arrives. Written on the wall, the dates would have been anyone's to keep.
Where you'll use this
In Part 3, the company has dates of its own: scheme closing dates, claim submission windows, the last day for expiry returns. A claim filed one day late is rejected just like a return filed late. Put those dates on the same page.
Check yourself
- Why does this book not print the due dates?
- What should go in the "Proof" column?
- Name two company dates from Part 3 that belong on the same calendar.
Answers
- Because they are set by the government and change; stale dates are dangerous. Fill them from the official portals each April.
- The acknowledgement or challan number of the filing or payment.
- Any two of: scheme closing dates, claim submission windows, the last day for expiry returns.