GSTR 4 FILING

What is GSTR 4?

The GSTR- 4 form is an annual return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file only one return in every financial year.

Also, the taxpayers will have to file CMP-08 for the payment in every quarter of the year. The due date for each CMP-08 filing is 18th of every succeeding quarter.

Those who opt for this scheme are known as compounding vendors. They would be required to pay taxes at fixed rate without any input tax credit facilities.

The taxpayer is only required to indicate the total consolidated value of supplies made during the period and the tax paid at the composition rate.

Taxpayer will also need to declare invoice-level purchase information for the purchases from normal taxpayers, which will be auto-drafted in Form GSTR 4A from supply invoice uploaded by counter-party taxpayers in GSTR 1.

Not all businesses will be eligible to register under the GST composition scheme, only those business entities whom annual turnover is up to Rs 1.5 crores and fulfill other criteria’s can be entitled to register under the Composition Scheme. Also, note that the special category states excluding Jammu & Kashmir and Uttarakhand have composition scheme limit of up to 75 lakhs and the two states mentioned with 1 crore limit must be registered under the GST composition scheme limit. Also, there is a special scheme for the taxpayer whose 10% turnover is considered as a service to the consumer can also register under the GST composition scheme.best gst return filing registration consultants in bangalore, chennai & delhi.

Who Should File GSTR 4 Form

All the composite registered taxpayers are required to file the tax return.

In case if a taxpayer does not file his/her return within the due dates mentioned above, he shall have to pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the due date to the date when the returns are actually filed.

GST CMP 08 is a quarterly return form which must be filed by the composition taxpayers after the end of each quarter. The due date for filing GST CMP 08 return online is the 18th of the month after a particular quarter. GSTR 4 is an annual return form, for which the due date is 30th April after a particular financial year.best gst return filing and gst registration consultants in bangalore, chennai & delhi.

Filing procedure of GSTR 4

GSTR 4 return form is divided into 13 sections but it is not necessary to fill all these sections. Some of the details of sections in GSTR 4 form are given below:-

Part 1 to Part 3 – General Information

• GSTIN: 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.

• Legal Name of the Registered Person and Trade name (if any):- The taxpayer name will automatically fill time of filing the returns at GSTN portal. synmac provide you the best gst return filing consultants in bangalore, chennai & delhi.synmac provide you the best gst return filing consultants in bangalore, chennai & delhi.

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.best gst return filing and gst registration consultants in bangalore, chennai & delhi.

Part 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

Part 5 – Amendments to details of inward supplies furnished in returns for earlier tax periods in Table 4 [including debit notes/credit notes and their subsequent amendments]

It will include amendment information mentioned in earlier tax periods and also original amended 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 original debit /credit note, the details of the invoice must be provided in starting three columns,whereas, providing the revision of the details of original debit /credit note shall be provided in the first three columns of this Table.best gst return filing and gst registration consultants in bangalore, chennai & delhi.

Part 6 – Tax on outward supplies made (Net of advance and goods returned)

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.

Part 7 – Amendments to Outward Supply details furnished in returns for earlier tax periods

Under this section, you will be able to rectify the incorrect details you provided

Note: In the GST council meeting, the authorities decided to revise the GSTR 4 filing form with some inclusion of terms in clause 6 & 7. The revised columns have been added to the final form and mentioned in the red text

Part 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

Part 9 – TDS Credit received

TDS (Tax Deduct at Source will be auto-filled in Table 9

Part 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.

Part 11 – Interest, Late Fee payable and paid

This section for those taxpayers who have not paid the taxes timely.best gst return filing and gst registration consultants in bangalore, chennai & delhi.

Part 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.best gst return filing and gst registration consultants in bangalore, chennai & delhi.

Part 13 – Debit entries in cash ledger for tax /interest payment [to be populated after payment of tax and submissions of return].best gst return filing and gst registration consultants in bangalore, chennai & delhi.