QUARTERLY RETURNS UNDER COMPOSITION SCHEME (GSTR-4)
Just ₹5,999/- only
- FIling of GST CMP-08
- Filing of GSTR-4
- Reconciliation of transactions
- Facilitation of Output tax payment
List of Documents required
- Sales Invoices
- Purchase Invoices
- GST Login Credentials
- Bank Statement
HOW DOES IT WORKS?
Who should file GSTR – 4?
Every taxpayer who has opted for the composition scheme under the GST regime needs to file GSTR-4. The composition scheme allows you to pay GST according to a fixed turnover rate instead of the regular GST deadlines. While a typical taxpayer provides three monthly returns, a composition taxpayer hands over only one GSTR-4. The GSTR-4 form needs to be filed quarterly on the 18th of the last month in the quarter. Further, as a taxpayer under the composition scheme, annual GSTR-9A will be required to be filed on or before the 31st of December in the succeeding financial year.
Eligibility criteria for composition scheme
- A business’ turnover needs to be below Rs. 1 Cr. to opt for this scheme. If you reside in Himachal Pradesh, or the North-Eastern states, your turnover must be below Rs. 75 Lakh.
- To calculate the turnover, all businesses registered under the same PAN must be taken into consideration.
- All notice boards at the business address must mention “composition taxable person”. This same phrase also needs to be mentioned on every bill of supply that you issue.
- If you are a supplier of goods, you can provide services only to the limit of Rs. 5 Lakh
- Dealers are not allowed to claim Input Tax Credit or collect composition Tax.
Entities that cannot opt for this scheme:
- Any supplier other than those related to restaurant business
- A regular or non-resident taxable person
- Any business supplying goods using an e-commerce operator, tobacco, paan masala, and ice cream manufacturers.
- Supplier of GST-exempted goods
- Supplier of inter-state goods
- Supplier of non-taxable goods
ANSWERING YOUR QUERIES
Is filing GST Returns mandatory ?
Yes. A GST Registered Vendor has to file GST Returns irrespective whether there has been transactions or not. Failing to file the same will result in additional penalty.
Who can opt for the Composition Scheme?
Any manufacturer or trader having turnover upto 1.5 cr can opt for composition scheme. However, following taxpayer are not covered.
- Manufacturer of ice cream, pan masala, or tobacco
- A person making inter-state supplies
- A casual taxable person or a non-resident taxable person
- Businesses which supply goods through an e-commerce operato
What is the due date to file GSTR-4?
The annual GSTR-4 has to be filed before 30th April every year
Can a Composition taxpayer avail input of GST ?
No. A composition dealer can’t avail any input of GST towards its output liability whatsover
Still Have Queries?
We are very excited to assist you in all ways possible.