The last date of Annual Return Form GSTR-4 is April 30, 2021, so file your annual return without a late fee.
The GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by the 30th of April, following a financial year.
Salient Features of GSTR 4 Return Form
Firstly, GSTR 4 Returns will file on an annual basis for compounding Taxable persons. The last date for filing the GSTR- 4 (CMP-08) payment form is the 18th of the month following the quarter. GSTR 4 (CMP-08) returns can be filed on 18th April, 18th July, 18th October, and 18th January, and so forth.
Secondly, GSTR 4 Form is filed by all the taxpayers who registered under the composition scheme.
Thirdly, business entities registered under the composition scheme will be required to pay taxes at fixed rates quarterly without availing input tax credit facility.
Fourthly, the taxpayer will be required to show the total value of supplies made in a specific period and tax paid at the composition rate.
Fifthly, the taxpayer will be required to insert invoice- level purchase details for the purchases from normal taxpayers, which will be automatically updated GSTR 4A Form from supply invoice uploaded by the opposite party in GSTR 1.
Procedure for filing GSTR 4 Return Form
GSTR 4 return form is divided into 13 sections but it is not necessary to fill all these sections.
Every Taxpayer gets a state-wise PAN-based 15 digit Goods and Services Taxpayer Identification Number (GSTIN) from the Government. It must be noted that the identification of the taxpayer will be automatically filled at the time of filing return in the coming future.
2. Legal Name of the Registered Person and Trade name
The taxpayer name will automatically fill time of filing the returns at GSTN portal
3. Annual Turnover in the preceding Financial Year
A taxpayer will be required to fill all the information only for the first time of filing and after then it will be automatically updated in the succeeding years.
4. Inward supplies including supplies on which tax is to be paid on reverse charge
Inward supplies received from a registered supplier (other than supplies attracting reverse charge), the information will be auto-populated from the provided by the supplier in GSTR-1 and GSTR-5. Inward supplies received from a registered supplier (attracting reverse charge- this information will be automatically filled from the information provided by the supplier in GSTR-1, inward supplies received from an unregistered supplier, and Import of service. It must be noted that all inward supplies to composition will auto-filled here.
5. Amendments to details of inward supplies furnished in returns for earlier tax periods in Table 4
It will include amendment information mentioned in earlier tax periods and also original amendments of debit or credit note received, rate-wise. Place of supply to be mentioned in case if the same is different from the location of the recipient. While providing the information of the original debit /credit note, the details of the invoice must be provided in starting three columns, whereas, providing the revision of the details of the original debit /credit note shall be provided in the first three columns of Table.
6. Tax on outward supplies made
Under this section, you will provide the details of a tax rate, total turnover, out of turnover reported, and the composition tax amount including both central tax & State/UT tax.
7. Amendments to Outward Supply details furnished in returns for earlier tax periods in Table No. 6
Under this section, you will be able to rectify the incorrect details you provided in Table 6 in previous returns, without turnover reported details additionally added.
8. Consolidated Statement of Advances paid/Advance adjusted on account of receipt of supply
Under this, details of the advance paid relating to reverse charge supplies and if you paid taxes on them, adjustments against invoices issued to be mentioned in Table 8.
9. TDS Credit received
The Tax Deduct at Source will be auto-filled in Table 9.
10. Tax payable and paid
Under this section, you will be to provide the details of Integrated Tax, Central Tax, State/UT Tax, and cess tax amount payable as well tax amount paid
11. Interest, Late Fee payable and paid
This section for those taxpayers who have not paid the taxes timely.
12. Refund claimed from Electronic cash ledger
If in case the tax liability of the composition dealer is below than the TDS deducted, he can get a refund of balancing amount. The amount which is available for the refund will auto-filled under this section.
What happens after Form GSTR-4 (Annual Return) is filed?
After Form GSTR-4 (Annual Return) is filed:
1. ARN will be generated on successful filing of the Form.
2. An SMS and email will be sent to the mobile number of the authorized signatory on the successful filing of Form GSTR-4 (Annual Return).
3. Electronic Cash Ledger and Electronic Liability Register Part-I will get updated.
Late Fees and Penalty
A late fee of Rs. 200 per day is levied if the GSTR-4 is not filed within the due date. The maximum late fee that can be charged cannot exceed Rs. 5,000.
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