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Originally, Form GSTR-4 was a quarterly return form for those taxpayers who have opted to go for the GST Composition Scheme in the new indirect tax regime. In the latest GST council meeting, the periodicity of GSTR-4 is changed to annually.
All business who have opted composition scheme will be filing Form GST CMP-08 applicable from April.2019 for the financial year 2019-20. Form GST CMP 08 is a self-assessed return-cum challan to be filed quarterly. For the period prior to April.2019, GSTR-4 as a quarterly return will be applicable.
Under the GST composition scheme, taxpayers will be required to file one only return in every three months (quarter) rather than multiple returns in every month as is the case for a regular dealer.
However, not all businesses will be eligible to register under the GST composition scheme - only those business entities, for whom the annual turnover is below INR 1.5 Crore and who also fulfil other specified criteria can be entitled to register under the Composition Scheme.
One of the key points to be noted here is, that dealers under the composition scheme will be required to pay taxes at fixed rates, without availing input tax credit facility.
Any taxpayer opting for the Composition Scheme is required to do GSTR-4 filing, except for:
The due date for filing GSTR 4 was 18th of the month after the end of the quarter. Now GSTR-4 being made annually, it should be filed by 30th April for every financial year by the composition dealers.
On a quarterly basis, Form GST CMP-08 needs to be filed by 18th of the month after the end of the quarter.
A penalty of INR 200 per day is levied, up to a maximum penalty of INR 5,000 if GSTR-4 is not filed.
GSTR-4 cannot be revised after filing on the GSTN Portal.
In the GSTR-4 form, the taxpayer will be required to show the total value of supplies made in a specific period and tax paid at the composition rate. Earlier, the taxpayers were required to insert invoice- level purchase details for the purchases from normal taxpayers, which will be automatically updated via the GSTR-4A form, generated from the supply invoices uploaded by the opposite party in GSTR-1. Following the concerns raised by the taxpayers, GSTR-4A was suspended.
Now, CMP-08 needs to be filed quarterly and GSTR-4 annually.
With GSTR-4 being made as an annual return, it expected that the form will be simplified and new provisions as required for annual return will be incorporated.
The below section will guide you with the details based on the current GSTR-4 Format. The GSTR-4 return form is divided into the following 13 sections, but it is not necessary to fill all these sections:
Once all these details are filled in the sign off with a declaration that all information has been supplied and is correct. In addition, the GST Portal is also available with a GSTR-4 offline tool based on excel worksheets, for ease of GSTR-4 filing.
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