GSTR4 Archives | XaTTaX GST Blog

Two New Functionalities available in GST Portal

August 6, 2019 admin Comments 0 Comment

The Goods and Services Tax ( GST ) portal has enabled two new facilities for filing Form GST ITC-04 in the official portal to furnish the details of the goods/ capital goods sent to the job worker and received back or supplied from the premises of the job worker. The existing form had been amended vide Notification No. 39/ 2018 – Central Tax, dated 4.09.2018.

Form GST ITC-04 is a quarterly form. It must be furnished on or before 25th day of the month succeeding the quarter.

Job work means processing or working on raw materials or semi-finished goods supplied by the principal manufacturer to the job worker. This is to complete a part or whole of the process which results in the manufacture or finishing of an article or any other essential operation. The principal manufacturer will be allowed to take credit of tax paid on purchase of goods send on job work subject to certain conditions.

Further, the portal has updated the facility to file application for the cancellation of registration and filing clarifications by GSTPs

With this, normal/Composition/ SEZ Developer/ SEZ Unit/ Casual Taxable Person/ ISD/ NRTP users can now select a GST Practitioner for Filing of Application for Cancellation of Registration.

Also, UN Body/Embassy/ONP users can now select a GST Practitioner for filing clarifications on issues raised by a tax official on their registration application.

The GSTP can save draft of the application. The taxpayer/ users and GSTP would be able to work on the drafts of the application, saved by either of them.

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Source: Taxscan

GST: CBIC extends due date for filing FORM GST CMP-08

July 19, 2019 admin Comments 0 Comment

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the extension for filing returns by the composition dealers in Form CMP-08.

According to the Notification, “Provided that the due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter April, 2019 to June, 2019, or part thereof, shall be the 31st day of July, 2019.”

The composition taxpayers shall furnish a statement, every quarter or, as the case may be, part thereof containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, till the 18th day of the month succeeding such quarter.

“The said persons shall furnish a return for every financial year or, as the case may be, part thereof in FORM GSTR-4 of the Central Goods and Services Tax Rules, 2017, on or before the 30th day of April following the end of such financial year,”.

Under the GST regime rolled out from 1st July 2017, the composition scheme is an alternative method of tax levy under GST designed to simplify compliance and reduce compliance costs for small taxpayers. The main feature of this scheme is that the business or person who has opted to pay tax under this scheme can pay tax at a flat percentage of turnover every quarter, instead of paying tax at a normal rate every month.

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Source: Taxscan.

FinMin clarifies on return filing by businesses opting for composition scheme

April 17, 2018 admin Comments 0 Comment

The finance ministry (FinMin) today said traders who have opted for composition scheme need not file certain details in return form since the reverse charge mechanism is not yet functional.

The GST Council, headed by FinMin Arun Jaitley and comprising state counterparts, has kept the reverse charge mechanism in abeyance till June.

The ministry, in a statement, said doubts are being raised about the manner of filing the quarterly return by composition dealers in Form GSTR-4.

Press: Return Filing GSTR4
“Since auto-population of the details of the inward supplies, including supplies on which tax is to be paid on reverse charge is not taking place, taxpayers who have opted to pay tax under the composition levy shall not furnish the data in serial number 4A of Table 4 of Form GSTR-4 for the tax periods January, 2018 to March, 2018 and subsequent tax periods,” it said in a statement.

Businesses with the turnover of up to Rs one crore can opt for composition scheme under the Goods and Services Tax (GST) which was rolled out from July 1, 2017.

The scheme allows taxpayers to pay GST at a fixed rate of turnover and not to go through the tedious GST formalities.Under the reverse charge mechanism, registered dealers are required to make tax payments in case he procures goods from unregistered businesses.