Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The GST or Goods & Services Tax is an indirect taxation method that has knowingly simplified Indian Taxation Laws. GSTR-4 is the GST return filing for composition dealers only; it’s a scheme under the GST law to some types of taxpayers. The GST Return under Composition Scheme must be filed annually now, whereas it was earlier filed quarterly. In this write-up, we will discuss the GST Return under Composition Scheme for composition dealers and why they are vital.
Before we discuss GST Return under Composition Scheme lets, understand the meaning of GSTR-4. It is the GST Return for composition dealers, and unlike regular taxpayers, who must file up to 3 returns for month, composition dealers must only file one return/year in the GSTR-4 Form. In most instances, the deadline for filing the GST Return is April 30th, following the Assessment Year. All taxpayers who have chosen the GST Return under Composition Scheme are required to file GSTR-4 form.
The following individual cannot opt for GST Return under Composition Scheme:
Such dealers must file the following returns under the GST regime:
Any taxpayer who wants to withdrawing from a GST Composition Scheme should file GST CMP-04 Form within 7 days of the occurrence of an event mandating withdrawal from the Composition Scheme under the GST Regime. Moreover, after filing the withdrawal application from GST Composition Scheme, the taxpayer should file GST Returns till the due date of providing the Return for the quarter ending September of the succeeding financial years or providing of annual Return of the preceding financial years, whichever is earlier.
It is vital to note that any taxpayer who has opted for the GST Composition Scheme will not be entitled to avail of ITC or Input Tax Credit[1] on receipt of invoices/debit notes from the supplier for the period prior to opting for the composition scheme.
Read our Article:Whether GST applicable on contributions from members towards meeting and administrative expenses? READ What is the process of matching ITC (Input Tax Credit) under GST?
The insurance industry is on the edge of a transformative era. As we enter 2024, technological...
The Indian Cybercrime Coordination Centre reported a rise in digital financial fraud, which has...
During its 203rd meeting on 25th November 2023, the Securities and Exchange Board of India (SEB...
If you want to expand your portfolio beyond standard stocks and bonds, Alternative Investment F...
NBFCs in India encounter significant challenges related to the compounded effects of outstandin...
Are you human?: 9 + 7 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
GST registration certificate is issued in the form GST REG-06. It is a digitally signed system generated Certificat...
25 May, 2023
GSTR-3B is a monthly self declaration form that has to be filed by a registered dealer. It is a simplified return t...
09 Jun, 2022