Central Board of Indirect Taxes and Customs (CBIC) in the recent tweet announced the extension of GSTR-4. The Tweet says “Last date GSTR 4 for FY 2019-20 extended to 31st October 2020. Notification will follow.” The GSTR-4 due date was 31st August 2020. It has now extended to 31st October 2020.
Who have to file GSTR4?
Following persons are required to file an annual return in form GSTR-4-
- Every person paying tax under Composition Scheme. (Supplier of Goods upto Rs 1.5 crore)
- Every Registered person paying tax by availing the benefit of Notification no. 2/2019 CT(R) dated 7/3/2019. (Supplier of services upto Rs 50 lakhs)
GSTR-4 has to be filed for a financial year or part of a financial year electronically.
GSTR 4 is required to be filed annually basis (Before 31.03.2019, GSTR 4 was quarterly return). The Due date for filing Annual GSTR4 is 30th April of next financial year. But the due date for financial year 2019-2020 has been extended to 31st October, 2020.
Read More at – GSTR 4 – FAQs on Applicability, Late Fee, Due Date
Who can opt for Composition Scheme?
Goods: Small taxpayers with an aggregate turnover limit in a preceding financial year up to Rs. 1.5 Crore are eligible for composition scheme. However, the limit is Rs. 75 lakh in respect of North-Eastern states and Himachal Pradesh special category states namely Arunachal Pradesh, Uttarakhand, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.
Services: Notification no. 2/2019 CT(R) dated 7/3/2019 –Before only restaurant services were covered under composition scheme. However, after this notification, the benefits has extended to person engaged exclusively in supply of services other than restaurant service. It applies to person whose aggregate turnover in preceding financial year is up to Rs. 50 lakh.
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