Running a GST-registered Indian business means juggling at least 6 compliance deadlines every single month - and that is before you count the daily bookkeeping, weekly bank reconciliation, and monthly financial review. Miss one deadline and penalties start. Miss three GSTR-3B filings and your GSTIN is suspended.
This checklist is structured as a day-by-day monthly template. Print it, pin it to your wall, share it with your CA, and follow it every month. For the detailed process behind each task, the related guides are linked throughout. For the overall bookkeeping framework, see our complete bookkeeping guide.
The Complete Monthly Accounting Checklist
Use this table as your monthly template. Each row is a task, with the deadline, what to do, and who is typically responsible.
| By Date | Category | Task | Who |
|---|---|---|---|
| Daily | Bookkeeping | Create and send invoices for all sales. Record all expenses with receipts. | Owner / Staff |
| Daily | Bookkeeping | Categorise bank feed transactions (match/categorise/exclude). | Owner / Bookkeeper |
| 1st-3rd | Bank | Import/verify bank statement for previous month. Begin bank reconciliation. | Bookkeeper / CA |
| 1st-5th | Payroll | Process pay run. Generate payslips. Initiate salary payments. | HR / CA |
| 3rd-5th | Bank | Complete bank reconciliation. Difference = zero. Attach bank statement. | Bookkeeper / CA |
| 5th-7th | GST Prep | Finalise all invoices and credit notes for previous month. Verify HSN codes, GSTINs, tax rates. | CA / Bookkeeper |
| 7th ⚠ | TDS | Deposit TDS on vendor payments via Challan 281 on NSDL portal. Record challan in books. | CA |
| 8th-10th | GST | Push GSTR-1 data to GSTN. Enter Documents Issued. Verify summary. | CA |
| 11th ⚠ | GST | File GSTR-1 (monthly filers). Late fee: Rs 50/day (Rs 20 nil). | CA |
| 13th | GST (QRMP) | File IFF (Invoice Furnishing Facility) for B2B invoices - QRMP scheme businesses only. | CA |
| 14th | GST | Pull GSTR-2B from GSTN. Begin ITC reconciliation with purchase register. | CA |
| 15th ⚠ | PF | Deposit PF (employer + employee) on EPFO Unified Portal. File monthly ECR. | CA / HR |
| 15th ⚠ | ESI | Deposit ESI (employer + employee) on ESIC portal. | CA / HR |
| 15th-18th | GST | Complete GSTR-2B reconciliation. Resolve mismatches with vendors. Finalise ITC to claim. | CA |
| 18th-19th | GST | Push GSTR-3B summary to GSTN. Verify all tables (3.1-6). | CA |
| 20th ⚠ | GST | Pay GST on portal. File GSTR-3B. Record payment in books. Mark as Filed. Late fee: Rs 50/day + 18% interest. | CA |
| 20th-25th | Reporting | Review monthly P&L. Check cash flow. Review aged receivables. Identify overdue invoices. | Owner + CA |
| 25th | Month-Close | Lock the accounting period in software. Generate and archive monthly reports. Backup data. | CA / Bookkeeper |
| State deadline | Prof. Tax | Deposit Professional Tax with state authority (varies by state - check your state PT calendar). | CA / HR |
| Weekly | AR Mgmt | Review aging report. Follow up on 30+ day overdue invoices. Automated reminders handle routine follow-up. | Owner / Accounts |
| Weekly | AP Mgmt | Review upcoming vendor payment due dates. Ensure TDS is deducted before payment. | Accounts |
⚠ = Hard deadline with penalty for missing. Green rows = daily recurring. Blue rows = weekly recurring. Orange rows = statutory deadlines. For GSTR-1/3B filing details, see our GSTR filing guide. For TDS compliance, see our TDS guide.
What Happens If You Miss a Deadline: Penalty Quick Reference
| Missed Deadline | Consequence |
|---|---|
| TDS deposit (7th) | Interest at 1.5% per month from date of deduction to date of deposit |
| GSTR-1 (11th) | Late fee Rs 50/day (Rs 20 nil), capped at Rs 10,000. Delays customer ITC. |
| PF deposit (15th) | Damages up to 100% of contribution amount. Criminal prosecution possible. |
| ESI deposit (15th) | Interest at 12% per annum on overdue amount. |
| GSTR-3B (20th) | Late fee Rs 50/day (Rs 20 nil) + 18% interest on unpaid tax. 3 consecutive misses = GSTIN suspension. |
| Professional Tax (state deadline) | Varies by state - typically Rs 1,000-5,000 penalty + interest. |
Month-End Financial Review: 5 Reports Every Owner Should Check
- Profit & Loss (P&L): Are you profitable this month? Which expense categories increased? Is revenue trending up or down?
- Cash Flow Statement: How much cash came in vs went out? Is your operating cash flow positive? Can you meet next month's obligations?
- Aged Receivables: Who owes you money and for how long? Is the 60+ day bucket growing? Action needed on overdue accounts.
- Aged Payables: What do you owe vendors? Any payments due this week? Have you deducted TDS on all applicable bills?
- Bank Reconciliation Report: Is every bank account reconciled with zero unexplained difference? Any unrecorded bank charges or bounced cheques?
In Zoho Books, all five reports are available under Reports module. Schedule them to auto-email to yourself on the 25th of each month. For bank reconciliation details, see our bank reconciliation guide.
Quarterly and Annual Tasks to Add to Your Calendar
Quarterly (Jul/Oct/Jan/May)
- File TDS returns (Form 26Q/27Q) on TRACES portal by the end of the month following the quarter.
- Generate and issue Form 16A to all vendors within 15 days of filing.
- Pay advance income tax (15 June: 15%, 15 Sept: 45%, 15 Dec: 75%, 15 March: 100%).
- Review quarterly financial performance against budget or previous quarter.
Annual (March-April)
- Record year-end adjustments - depreciation, provisions, accruals, prepaid amortisation.
- Physical stock count and inventory valuation (for trading/manufacturing businesses).
- Prepare financial statements - Balance Sheet, P&L, Cash Flow Statement.
- File income tax return (ITR) by the due date (31 July for non-audit, 31 October for audit cases).
- File GSTR-9 (annual GST return) by 31 December.
- File ROC annual return (companies/LLPs) - Form AOC-4, MGT-7.
- Renew LUT (Form RFD-11) for exporters by 31 March.
- Reset invoice number series for the new financial year starting 1 April.
Common Monthly Checklist Mistakes
Mistake 1: Treating compliance as a once-a-year activity. GST, TDS, PF, and ESI are monthly obligations. Leaving everything to March creates a 12-month backlog that is expensive to clean up and prone to errors that trigger penalties.
Mistake 2: Filing GSTR-3B without reconciling GSTR-2B. If you claim ITC that is not in GSTR-2B, you risk DRC-01C mismatch notices. The 14th-18th window exists specifically for this reconciliation.
Mistake 3: Not locking the accounting period after month-close. If team members can edit transactions in a closed month, your filed GST returns will not match your books. Lock each month in your accounting software after the 25th.
Mistake 4: Skipping the month-end financial review. The P&L and cash flow review is not optional - it is how you know whether your business is profitable, whether cash is sufficient, and whether receivables are under control. Skip it, and you make decisions in the dark. For professional monthly management, explore our Zoho Books accounting services.
Key Takeaways
A GST-registered Indian business faces at least 6 hard monthly deadlines - TDS (7th), GSTR-1 (11th), PF (15th), ESI (15th), GSTR-3B (20th), and Professional Tax (state-specific). Missing any one triggers penalties ranging from interest charges to GSTIN suspension (3 consecutive GSTR-3B misses).
The monthly checklist follows a natural flow: daily invoicing and expense recording → 1st-5th bank reconciliation and payroll → 7th TDS deposit → 8th-11th GSTR-1 → 14th-18th GSTR-2B reconciliation → 18th-20th GSTR-3B → 20th-25th month-end review and period lock. Each task builds on the previous one.
Five reports should be reviewed every month-end: P&L (profitability), Cash Flow (liquidity), Aged Receivables (collection health), Aged Payables (vendor obligations), and Bank Reconciliation (accuracy). These five reports provide a complete picture of the business in 15 minutes.
The hybrid model works best: the business owner handles daily invoicing and expense recording (15-30 min/day), while the CA/bookkeeper handles weekly bank reconciliation, monthly GST filing, TDS deposit, and the month-end close - total outsourced effort 5-10 hours/month per business.
Quarterly add-ons (TDS returns, advance tax, Form 16A) and annual tasks (year-end adjustments, ITR, GSTR-9, ROC) must be calendared in advance - these are easy to forget because they are not monthly, but the penalties for missing them are just as severe.
Need Help Implementing This Monthly Checklist?
Consistent monthly compliance is the difference between a business that grows confidently and one that lives in fear of the next tax notice. This checklist ensures nothing is missed - but implementing it requires the right software setup, the right process, and the right professional support.
Explore our Zoho Books accounting services - we implement Zoho Books, configure GST and TDS, set up bank feeds and automation, and manage the complete monthly compliance checklist on your behalf. Your only task: daily invoicing and expense recording.
For queries, reach out at +91 945 945 6700 or WhatsApp us directly.
