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Wednesday 30 August 2017

Quarterly Return by Composition Supplier

The composition scheme under the GST regime is a method of levy of tax designed for small taxpayers whose turnover is up to Rs.75 lakhs (Rs.50 lakhs in case of States like Sikkim, other North Eastern States and hilly areas). It is an optional scheme and not all taxpayers are eligible to opt for this. The basic eligibility criteria to opt for Composition scheme is to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs.75 lakhs/50 lakhs.

Form and Manner of Submission of Quarterly Return by Composition Supplier 
Chapter VIII of Central Goods & Services Tax Rules, 2017 deals with Returns under the CGST Act, 2017 and Rule 62 provides for form and manner of submission of quarterly return by the composition supplier.
Details to be furnished
Form GSTR-4A
Auto-populated details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier.
Form GSTR-4
(To be submitted on 18th of succeeding month)
All outward supplies of goods and services including auto-populated details from Form GSTR-4A and tax payable details. Details of any additions, modifications, or deletions in Form GSTR-4A should also be submitted in Form GSTR-4.

A registered person who has opted to pay tax under section 10 from the beginning of a financial year shall, where required, furnish the details of outward and inward supplies and return under rules 59, 60 and 61 relating to the period during which the person was liable to furnish such details and returns till the due date of furnishing the return for the month of September of the succeeding financial year or furnishing of annual return of the preceding financial year, whichever is earlier.

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