GST Return Filing in Composition Scheme (CMP-08)
Under the GST Composition Scheme, taxpayers are required to file quarterly returns instead of monthly returns as required for regular taxpayers. The due dates for filing the GST returns for Composition Scheme taxpayers are as follows:
GSTR-4 - Quarterly Return: The GSTR-4 return is to be filed by the Composition Scheme taxpayers on a quarterly basis. The due date for filing the GSTR-4 return is 18th of the month succeeding the quarter. For example, the due date for filing the GSTR-4 return for the quarter of April to June will be 18th July.
Annual Return: The Composition Scheme taxpayers are also required to file an Annual Return in Form GSTR-9A by 31st December of the following financial year.
The process for GST Return Filing in Composition Scheme is as follows:
Collect Invoices: The taxpayer must collect all the invoices issued and received during the quarter.
Calculate Tax Liability: The taxpayer must calculate the tax liability for the quarter by applying the applicable tax rate on the total turnover for the quarter.
File GSTR-4: The taxpayer must file the GSTR-4 return by providing details of their inward and outward supplies, tax paid, and other required details for the quarter.
Make Payment: The taxpayer must pay the tax liability for the quarter by the due date for filing the GSTR-4 return.
File Annual Return: The taxpayer must file the Annual Return in Form GSTR-9A by 31st December of the following financial year.
It is important for Composition Scheme taxpayers to ensure timely and accurate filing of their GST returns to avoid any penalties or interest charges. Therefore, it is advisable to seek professional help if necessary to ensure compliance with GST regulations.