Monthly Compliance Update Vol 3 · Issue 5
Monthly Compliance Update
Key statutory due dates, GST circulars, Income Tax notifications, ROC filings, and MSME compliance updates for May 2025.
May 2025
Volume 3 · Issue 5
Compliance CalendarGST UpdatesIncome Tax UpdatesROC / MCA UpdatesMSME UpdatesOther Regulatory UpdatesAbout
Monthly Compliance Update May 2025 · Vol 3 · Issue 5 Mon
Tue
Wed
Thu
Fri
Sat
Sun
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2
3
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5
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7
TDS/TCS Deposit — April
8
9
10
GSTR-7 & GSTR-8
11
GSTR-1 (Monthly)
12
13
GSTR-1 IFF
14
15
TDS Certificate 16B/16C
MSME Half-yearly Return
16
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18
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GSTR-3B (Monthly)
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24
25
GST PMT-06 Challan
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TDS Return 26Q/27Q/27EQ (Q4)
31
MSME-1 Annual Return
Form 61A — SFT Filing
| Date | Category | Compliance / Filing | Applicable To |
|---|---|---|---|
| 7 May | Income Tax | TDS/TCS Deposit — April | All Deductors/Collectors |
| 10 May | GST | GSTR-7 & GSTR-8 | TDS/TCS Deductors |
| 11 May | GST | GSTR-1 (Monthly) | Monthly Filers |
| 13 May | GST | GSTR-1 IFF | QRMP Taxpayers |
| 15 May | Income Tax | TDS Certificate 16B/16C | TDS Deductors (property/rent) |
| 15 May | MSME | MSME Half-yearly Return | Buyers with MSME dues |
| 20 May | GST | GSTR-3B (Monthly) | Monthly Return Filers |
| 25 May | GST | GST PMT-06 Challan | QRMP Taxpayers |
| 30 May | Income Tax | TDS Return 26Q/27Q/27EQ (Q4) | All TDS/TCS Deductors |
| 31 May | ROC / MCA | MSME-1 Annual Return | Companies with MSME dues |
| 31 May | Income Tax | Form 61A — SFT Filing | Banks, MFs, Reporting Entities |
Income Tax
GST
MSME
ROC / MCA
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- Notification No. 12/2025-CT(R): GST Council in its 55th meeting recommended reducing tax on electric vehicles (non-lithium-ion batteries) from 12% to 5%, effective 1 May 2025. Manufacturers should review their tax codes accordingly.
- Circular No. 221/15/2025: Clarification issued on taxability of vouchers and gift cards — single-purpose vouchers are taxable at point of issuance; multi-purpose vouchers are taxable at redemption.
- GSTR-1A enabled: Facility to amend GSTR-1 data via GSTR-1A is now live on the GST portal before filing GSTR-3B. Use this to rectify errors in outward supply reporting.
Action Required: Businesses filing GSTR-9 / 9C for FY 2024-25 should cross-verify turnover data before portal locks are activated in August 2025.
- New ITR Forms notified: CBDT released updated ITR-1 to ITR-7 for AY 2025-26. Key addition — mandatory disclosure of foreign asset schedules in ITR-2 and ITR-3.
- Faceless Penalty Scheme extended: Extended under Section 274 to include penalties under Sections 271AA and 271BA.
- Section 43B(h) — MSME Payments: CBDT clarified that disallowance for late MSME payments applies on a transaction-by-transaction basis, not aggregate.
- Form 16 deadline: Employers must issue Form 16 (Part A & B) to employees by 15 June 2025 for AY 2025-26.
Reminder: ITR filing due date for non-audit cases (AY 2025-26) is 31 July 2025. Advance tax planning should commence now.
- Companies Amendment Rules 2025: MCA notified revised e-Form DIR-3 KYC with biometric verification linked to DigiLocker for directors updating KYC from FY 2025-26 onwards.
- XBRL Filing — Unlisted Companies: Unlisted public companies with paid-up capital ≥ ₹5 crore must file XBRL financial statements from FY 2024-25 onwards.
- LLP Annual Filing: Form 11 (Annual Return) for FY 2024-25 due by 30 May 2025. Late fee is ₹100/day per form — file early.
- Revised Thresholds (effective 1 April 2025): MSME classification limits revised — Micro: Investment ≤ ₹2.5 Cr & Turnover ≤ ₹10 Cr. Update existing registrations on Udyam portal before 30 June 2025.
- Udyam Assist Platform: Informal enterprises can now self-register using Aadhaar. Formal Udyam registration remains mandatory for statutory benefits.
- Section 43B(h) — Compliance: Payments to MSMEs must be made within 45 days (with written agreement) or 15 days (without). Maintain payment registers to avoid disallowance risk.
- FEMA / RBI: RBI revised LRS reporting frequency for AD-I banks from monthly to fortnightly, effective 1 May 2025.
- Labour Law: Ministry of Labour issued advisory for all establishments to complete e-Shram portal registration for contract labourers by 31 May 2025.
- SEBI (Listed Companies): BRSR (Business Responsibility & Sustainability Reports) now mandatory for top 1,000 listed companies by market cap for FY 2024-25.
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Disclaimer
This newsletter is published for informational purposes only and does not constitute legal, financial, or professional advice. Readers are advised to independently verify all information before taking any action. No liability is assumed by DJAS & Co. or its partners for any loss arising from reliance on this publication.