Composition Scheme in GST & Filing of Return in GSTR-4

Rukmani Gupta Rukmani Gupta Dec 18, 2019 1639 0



 

Composition Scheme in GST & Filing of GSTR-4

  1. Who is not eligible for composition scheme under GST?
  2. What is Composition Scheme is GST?
  3. What are the turnover criteria to opt for Composition Scheme for GST Registration?
  4. Which GST return has to be filed by Composite Dealers?
  5. What is the last date of filing GSTR-4 for quarterly GST return of composite tax payer?
  6. What are the GST rates for composition dealer?
  7. What are the details to be filled in GSTR-4?
  8. How to calculate GST for composition dealer?

1. Who is not eligible for composition scheme under GST?

        Following persons can not avail composition Scheme under GST:-

  1. Seller or dealer of exempted goods
  2. Person having inter-state sale
  3. Person who supplies services except restaurant business
  4. Person selling goods through online e-commerce platform to whom TCS is applicable

2. What is Composition Scheme is GST?

For small scale business, it is simplified form of GST Registration where the GST compliances are very less and also the trader or supplier does not have to maintain much of the records. But in case of regular GST registration, we need to file file monthly returns, maintain lot of records etc.

3. What are the turnover criteria to opt for Composition Scheme for GST Registration?

W.e.f from 10th Jan 2019, a taxable person can go for composition scheme if his supplies for goods are below 1.5 cr or supplies for services are below 50 lacs.

4. Which GST return has to be filed by Composite Dealers?

A person registered in GST Composite Scheme has to file only the GSTR-4 which is a quarterly return, which has to be file by 18th of next month by end of quarter. Also he need to file annual return if applicable.

    

5. What is the last date of filing GSTR-4 for quarterly GST return of composite tax payer?

GSTR-4 has to be filed by 18th of the month next to the quarter.

For example:-

For Apr-Jun    - GSTR-4 to be filed by 18th July

6. What are the GST rates for composition dealer?

Following are the GST rates applicable for taxpayers who have opted composite scheme: -

For manufacturer & traders, the GST rate is 1%, for restaurants not serving alcohols this rate is 5% & for others it is 6%.

7. What are the details to be filled in GSTR-4?

In GSTR-4, we need to fill value of supplies (turnover) for both goods & services, tax payable, any purchases made from unregistered dealer & tax thereon.

8. How to calculate GST for composition dealer?

For composite taxpayers, GST has to be calculated as a fixed % on turnover. For manufacturer and traders, it is 1%, for restaurants not serving alcohol it is 5%.






 

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