In October 2024, freelancers and businesses must adhere to several important tax compliance deadlines.

Adhering to these deadlines is crucial to avoid penalties and ensure smooth operations.

GSTR-8 is specifically for e-commerce operators who are required to collect tax at source (TCS) on the sale of goods and services through their platforms.


GSTR-7 is a return that must be filed by tax deductors who are required to deduct tax at source (TDS) under the Goods and Services Tax (GST) regime. This includes entities that deduct TDS while making payments to suppliers.

Understanding Tax Obligations

Freelancers are considered self-employed and must manage their own tax payments. Unlike salaried individuals, taxes are not deducted at source (TDS) by an employer, which means freelancers need to estimate and pay their taxes quarterly through advance tax payments. This helps avoid penalties for underpayment at the end of the financial year.

Tax Forms for Freelancers

Freelancers typically file their income tax returns using one of two forms:

• ITR-4 (Sugam): For those with an annual turnover up to ₹50 lakhs opting for the presumptive taxation scheme, where 50% of gross receipts are presumed as income.

• ITR-3: For freelancers with income exceeding ₹50 lakhs or those not opting for presumptive taxation.

Deductions and Expenses

Freelancers can claim various deductions to reduce their taxable income, including:

• Home Office Expenses: A portion of rent or utilities if working from home.

• Office Supplies and Equipment: Costs for stationery, software, and other necessary items.

• Professional Fees: Payments made to accountants or legal advisors.

• Travel Expenses: Costs incurred for business-related travel.

GST Registration

Freelancers with an annual turnover exceeding ₹20 lakhs must register for Goods and Services Tax (GST). They need to file GST returns regularly, which can add complexity to their tax obligations. Importantly, if they provide services to clients in other states or countries, they may need to charge Integrated GST (IGST) or comply with export regulations.

Record-Keeping

Maintaining meticulous records of income, expenses, and invoices is crucial. This not only aids in accurate tax filing but also helps in case of audits by tax authorities. Digital tools and accounting software can streamline this process.

Professional Guidance

Given the complexities involved in tax regulations, seeking advice from a tax professional is highly recommended. They can provide tailored guidance and help freelancers maximize deductions while ensuring compliance with all applicable laws. 

The due date for the deposit of Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and the Equalization Levy for the month of September 2024 was October 7, 2024.

Shardiya Navratri, also known as Maha Navratri, is a significant Hindu festival celebrated over nine nights, honoring the nine forms of Goddess Durga. In 2024, this vibrant festival will take place from October 3 to October 12, culminating in Dussehra on October 12.

Dates and Rituals

The festival begins with Ghatsthapana (the installation of the sacred pot) and Shailputri Puja on October 3, marking the first day. Each subsequent day is dedicated to a different form of the goddess:

• Day 1 (Oct 3): Shailputri (Yellow)

• Day 2 (Oct 4): Brahmacharini (Green)

• Day 3 (Oct 5): Chandraghanta (Grey)

• Day 4 (Oct 6): Kushmanda (Orange)

• Day 5 (Oct 7): Skandamata (White)

• Day 6 (Oct 8): Katyayani (Red)

• Day 7 (Oct 9): Kaalratri (Royal Blue)

• Day 8 (Oct 10): Mahagauri (Pink)

• Day 9 (Oct 11): Siddhidatri (Purple)

The festival concludes with Dussehra on October 12, which celebrates the victory of good over evil through the defeat of the demon Mahishasura by Goddess Durga and Lord Rama's triumph over Ravana.

Cultural Significance

Shardiya Navratri is deeply rooted in Hindu mythology, symbolizing the battle between good and evil. It emphasizes moral values such as bravery and virtue. Devotees engage in various rituals, including fasting, prayers, and cultural activities like Garba dance, particularly in regions like Gujarat. The festival serves not only as a time for worship but also as an opportunity for community bonding and celebration of life.
In essence, Shardiya Navratri is a time for spiritual reflection, devotion, and cultural festivities, drawing people together in celebration of divine feminine energy. 

What is GST PMT-06?

GST PMT-06 is a standardized payment challan used by registered taxpayers in India to make payments towards their Goods and Services Tax (GST) liabilities. This includes payments for tax, interest, penalties, and any other charges due under the GST law. The form is particularly significant under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme, which allows businesses to file returns quarterly while making monthly tax payments.

Key Features

• Usage: PMT-06 must be generated for any cash payment made towards GST liabilities when there is insufficient balance in the electronic cash ledger. It is applicable for all types of payments including tax, interest, and penalties.

• Generation: Taxpayers can generate PMT-06 through the GST portal by providing necessary details such as GSTIN, type of payment, and the amount being paid. Once generated, it is valid for 15 days.

• Payment Methods: Payments can be made using various methods:

  • 1. Internet Banking through authorized banks

    2. NEFT/RTGS from any bank

    3. Over-the-Counter (OTC) payments for amounts up to ₹10,000 per challan

Filing Process

1. Log into the GST Portal: Navigate to Services > Payments > Create Challan.

2. Select Payment Type: Choose "Monthly payment for quarterly return" if enrolled in the QRMP scheme.

3. Enter Payment Details: Fill in the required information including GSTIN and payment amount.

4. Generate Challan: After submission, a Challan Portal Identification Number (CPIN) is generated.

5. Make Payment: Complete the payment within 15 days; upon successful payment, a Challan Identification Number (CIN) will be provided by the bank.

GSTR-3B

GSTR-3B is a summary return that must be filed by all registered taxpayers in India under the Goods and Services Tax (GST) regime. Here are some key points about GSTR-3B:

• Purpose: It serves as a self-assessment return where taxpayers declare their outward supplies, inward supplies, and the tax liability for the month.

• Filing Frequency: Taxpayers with an annual turnover exceeding INR 5 crore must file GSTR-3B monthly, while those with a lower turnover can opt for quarterly filing.

• Components: The return includes details of sales, purchases, input tax credit (ITC) claimed, and the net tax payable.

• Due Date: The due date for filing GSTR-3B is typically the 20th of the following month, making it essential for businesses to maintain accurate records for timely compliance.

GSTR-5A

GSTR-5A is a specific return for non-resident taxable persons (NRTPs) who provide services in India. Here are some important aspects of GSTR-5A:

• Purpose: This return is designed to capture the details of services provided by non-resident taxpayers in India, ensuring compliance with GST regulations.

• Filing Frequency: Non-resident taxpayers must file GSTR-5A on a monthly basis.

• Components: The form requires details about the services rendered, the amount charged, and the applicable GST.

• Due Date: Similar to GSTR-3B, the due date for filing GSTR-5A is also the 20th of the following month.

As we approach the deadline for the second installment of advance tax, all taxpayers must stay on top of their financial responsibilities. Whether you're a business owner, freelancer, or salaried employee, timely tax payments are crucial for maintaining compliance and avoiding penalties.

Why It Matters - 

1. Avoid Penalties: Late payments can lead to interest and penalties, significantly increasing your tax liability.

2. Cash Flow Management: Planning your tax payments can help you manage your cash flow effectively, ensuring that you have enough liquidity for your business or personal expenses.

3. Peace of Mind: Staying ahead of your tax obligations allows you to focus on your work without the stress of looming deadlines.

TDS certificates are essential for taxpayers to claim tax credits and refunds while filing their income tax returns. They serve as proof that the tax has been deducted at source and deposited with the government, facilitating compliance with tax regulations.
If a deductor fails to issue the TDS certificate within the stipulated timeframe, a penalty of ₹100 per day may be imposed for each certificate, up to the total amount of TDS for the quarter.

The filing of GSTR-5, GSTR-6, and the Invoice Furnishing Facility (IFF) is crucial for GST compliance in India, and the due date for these filings was September 13, 2024.

GSTR-5: Specifically for non-resident taxable persons (NRTPs) who are required to report their outward supplies and pay GST. The return must be filed electronically and includes details of all taxable supplies made by the NRTP during the tax period. The due date for GSTR-5 for August 2024 was September 13, 2024.

GSTR-6: Return that must be filed by Input Service Distributors (ISDs) to report the details of input tax credit (ITC) received and distributed. This return includes information about the documents issued for the distribution of ITC and must be submitted by the 13th of the following month. Thus, the due date for GSTR-6 for August 2024 was also September 13, 2024.

IFF: Available for taxpayers who have opted for the Quarterly Return Monthly Payment (QRMP) scheme. It allows these taxpayers to report their business-to-business (B2B) sales for the first two months of the quarter. The due date for filing the IFF for August 2024 was September 13, 2024.

The GSTR-1 return is a critical component of the Goods and Services Tax (GST) compliance framework in India, detailing outward supplies of goods and services made by registered taxpayers.
Filing GSTR-1 by the due date is crucial as it ensures that buyers can claim ITC based on the sales reported by suppliers. Delays in filing can disrupt the seamless flow of credit and may lead to penalties.

GSTR-7 is a return that must be filed by tax deductors who are required to deduct tax at source (TDS) under the Goods and Services Tax (GST) regime. This includes entities that deduct TDS while making payments to suppliers.

• Contents: The return includes details of the TDS deducted, the amount paid to the government, and other relevant information regarding the transactions for which TDS was deducted.

• Filing Frequency: GSTR-7 is a monthly return and must be filed by the 10th of the following month.

• Importance: Timely filing is crucial as it ensures that the deductees can claim credit for the TDS deducted, facilitating smooth tax compliance.

GSTR-8 is specifically for e-commerce operators who are required to collect tax at source (TCS) on the sale of goods and services through their platforms.

• Contents: This return details the total sales made through the e-commerce platform, the TCS collected from sellers, and other relevant transaction details.

• Filing Frequency: Like GSTR-7, GSTR-8 must also be filed monthly, with the due date being the 10th of the following month.

• Recent Updates: As of July 2024, the TCS rate was reduced from 1% to 0.5%, which impacts the calculations reported in GSTR-8.

The due date for the deposit of Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and the Equalization Levy for the month of August 2024 was September 7, 2024.