GST Composition Scheme: Govt relaxes return filing norms for select businesses; Check eligibility
Businesses opting for composition scheme under GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4.
Serial number 4A of Table 4 of GSTR-4 form gives details of all the purchases made from GST registered vendors. More than 18 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy under the new tax regime which was rolled out on July 1, 2017. Businesses with annual turnover of up to Rs 1 crore can opt for the composition scheme.
The last date for filing GST returns for the July-September quarter for such dealers is October 18. Commenting upon the notification, EY Tax Partner Abhishek Jain told news agency PTI, “This clarification would help address the ambiguities which some of the composition dealers had on this disclosure requirement; specifically in the light of the auto-population facility not being available.”
Under the Composition Scheme of GST for taxpayers of the country, small dealers can get rid of the tedious formalities of GST and pay their taxes at a fixed rate of turnover. The scheme can be opted by any taxpayer whose annual turnover is less that Rs 1 crore.
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