GSTR- 4 Annual Return by Composite Dealer.
What is Form GSTR-4 Annual Return?
GSTR- 4 is an annual return which is required to be filled by taxpayer for each financial year, who has opted for composition scheme and the said provision came in force from 1st April, 2019.
Who are required to file Form GSTR-4 Annual Return?
Every person who has registered under composition scheme or who was registered under composition scheme, for any period during a financial year, starting from 1st April, 2019, is required to furnish GSTR-4 on annual basis. Simply if assessee has opted to get registered under composition scheme on or after 1st April, 2019 or who is already registered under the said scheme.
Which are the persons who are not required to file GSTR-4?
Regular taxpayer who have not opted in composition scheme for any period during the financial year, Non-resident taxable person, Person providing Online Information Database Access and Retrieval services, Input service distributor, Casual Taxable Person, Person is registered as required to deduct Tax at Source u/s 51 or required to Collect Tax at Source u/s 52.
Whether any composition dealer is provided with exemption in relation to GSTR-4?
No, it is mandatory for every composition dealer to furnish GSTR-4.
What is the due date within which assessee needs to furnish GSTR-4?
Generally, assessee is required to furnish GSTR-4 within 30th of the month succeeding the financial year, however the said date is extended 31st August, 2020 for financial year 2019-20.
Whether assessee can furnish Nil GSTR-4?
Yes, he can furnish only if he has not undertaken any outward supply or has not received any inward supply and there is no liability to report. Further along with this there is additional condition that he has furnished NIL CMP-08 form for all the period during the year.
Whether GSTR-4 furnished by assessee can be revised?
No, GSTR-4 furnished by assessee cannot be revised.
Raj has opted out of composition scheme during the year whether still he is required to furnish GSTR-4?
Yes, even if he has opted out during the previous year, he is still required to furnish GSTR-4 and he is required to furnish details for the period during which he remained under composition scheme.
What is basic condition before filling GSTR-4?
Assessee can furnish GSTR 4 only if all quarterly statements are furnished i.e. it is necessary that before filling GSTR-4, Form CMP 08 for all quarter of that financial year is required to be furnished.