Section: The provisions for filing GSTR-4 are covered under Section 39(7) of the Central Goods and Services Tax Act, 2017.
Purpose: The purpose of GSTR-4 is to enable composition scheme taxpayers to file their annual return, including details of outward supplies, inward supplies, and tax paid.
Applicability: GSTR-4 is applicable to taxpayers who have opted for the composition scheme under GST.
Timeline: GSTR-4 is filed annually, and the due date for filing is October 31 of the following financial year.
Exemption: Taxpayers whose aggregate turnover in the preceding financial year is up to Rs. 1.5 crores are exempted from filing GSTR-4.
Penalty not doing: Failure to file GSTR-4 on time may attract a late fee of Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST) subject to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.
Due Date: The due date for filing GSTR-4 is October 31 of the following financial year.
Forms: GSTR-4 is the form that taxpayers need to use for filing their annual return under the composition scheme.
Reporting Authority: Taxpayers need to file GSTR-4 with the relevant GST department or authority.
Other Details: In addition to GSTR-4, taxpayers who have opted for the composition scheme need to file other returns, such as CMP-08 and ITC-04. Taxpayers need to ensure that the details provided in GSTR-4 are accurate and complete. Additionally, taxpayers need to maintain proper records and documentation to support the information provided in GSTR-4. If there are any discrepancies or errors, taxpayers need to rectify them before filing GSTR-4.
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