Composition scheme biz need not file purchase details while filing GST quarterly returns - GST NEWS
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, the Finance Ministry said Wednesday.
In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers.
ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/
“In this regard, it is to clarify that the 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,” the ministry said in a statement.
Serial number 4A of Table 4 of Form GSTR-4 gives details of purchases made from GST registered vendors.
Over 18 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy under the Goods and Services Tax (GST) regime which was rolled out on July 1, 2017. Businesses with annual turnover of up to Rs 1 crore can opt for the scheme.
The last date for filing GST returns for the July-September quarter for such dealers is October 18.
“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,” EY Tax Partner Abhishek Jain said.
source:- economictimes
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, the Finance Ministry said Wednesday.
In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers.
ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/
“In this regard, it is to clarify that the 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,” the ministry said in a statement.
Serial number 4A of Table 4 of Form GSTR-4 gives details of purchases made from GST registered vendors.
Over 18 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy under the Goods and Services Tax (GST) regime which was rolled out on July 1, 2017. Businesses with annual turnover of up to Rs 1 crore can opt for the scheme.
The last date for filing GST returns for the July-September quarter for such dealers is October 18.
“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,” EY Tax Partner Abhishek Jain said.
source:- economictimes
Hey thanks for this amazing post. Would love to read more of such blogs.
ReplyDeletedigital signature certificate in Delhi
Attention please ! I am urgently in need of K!dney donors with the sum of $500,000.00,WHATSAP: +91 91082 56518
ReplyDeleteEmail: ( jainhospitalcare@gmail.com ) Thank you
Please Share !
Wow..Amazing blog.. This blog is very helpful for me. Thanks for sharing this information with us.If you want to know more about Tax consultants in delhi
ReplyDeleteIncome Tax Consultants in delhi
Tax Return Filing in delhi
please click on it.