Due Date for filing GSTR 4

Both composition scheme assesses have until August 31, 2020, to file their annual **GST returns** under the GSTR 4 due date for the fiscal year 2019–20. The Central Board of Indirect Taxes and Customs (CBIC) the deadline for filing GSTR 4 is the 30th of April after the fiscal year in question. The GSTR-4 for FY 2020–21, for example, is due on April 30, 2021

Under the GST regime, any assessee with annual revenue of less than Rs. 1.5 crores will use the composition system. Under the scheme, both suppliers and traders are expected to pay 1% GST, while restaurants must pay 5%. (Not for alcohol).

GSTR 4 vs. Quarterly Returns: What’s the Difference?

· Type GSTR 4 is not the same as the quarterly returns that are expected to be filed.

· Prior to that, assessors were expected to file GSTR 4 returns on a quarterly basis. Assessees must now file form CMP 08 periodically and form GSTR 4 once a year.

Major Points for filing GSTR 4 (Annual Return)

· File button is enabled only if:

1. No additional cash is needed to be paid for liabilities

2. You have clicked on the declaration checkbox

3. You have selected authorised signatory details from the drop-down list

· The surplus balance invested by GST CMP-08, which is available in the negative liability statement, will be added to liabilities if any exist.

· If the available balance in the electronic cash register is less than the amount required to cover the liabilities, you will create a challan by clicking the CREATE CHALLAN button.

· Taxes and late payments are automatically measured in Table-8, but interest is calculated by the individual. Only an electronic cash register should be used to discharge liabilities.

· Only after the Taxpayer has pressed the ‘Proceed to register’ button can the descriptions of inward supplies (from tables 4B, 4C, and 4D for each tax rate) be auto-drafted in Table-6. The balance will be shown as ‘0’ before that (zero)

· Liability on the RCM basis is auto-populated from information entered in Tables 4B, 4C, and 4D until you enter outward supply details in Table-6 and press the “Proceed to file” icon. Following that, Table-6 displays your gross tax responsibility.

· The taxpayer must manually enter the information of outward supplies in Table-6 (Row 12–16) of GSTR-4.

· On the basis of filed Form CMP-08, the summary of self-assessed responsibility is auto-populated in Table-5 of the GSTR-4 Annual Return and is non-editable.

· The tax amounts in GSTR-4 Table-4 are determined automatically depending on the values entered in the Taxable Value and Tax Rate areas. The tax number, on the other hand, can be adjusted. The taxpayer is responsible for filling out the CESS.

· The previous year’s cumulative revenue must be entered, and if the company has no transactions or turnover in the previous fiscal year or was not registered, it will enter “0.”

· Once the taxpayer has completed filing all quarters of CMP-08 for the specified financial year, the annual GSTR 4 return filing will be triggered.

Annual Return Form GSTR-4 Available on the GST Portal

The government recently announced that taxpayers, assessors, and companies would be eligible for filing GSTR 4 on an annual basis. This was done in response to neighbourhood demand. The form is now available on the portal, which has made it easy for assessors and taxpayers to locate and submit the form according to their needs.

When is GSTR-4 due?

GSTR 4 has to be filed on an annual basis.

The deadline for filing GSTR 4 is the 30th of April after the fiscal year in question. The GSTR-4 for FY 2020–21, for example, is due on April 30, 2021. Until FY 2018–19, the due date was the 18th of the month after the quarter’s conclusion.

Note: The deadline for filing GSTR 4 annual returns for FY 2019–20 has been extended to October 31, 2020, from August 31, 2020.

How to File Form GSTR 4?

Conclusion

Under the GST regime, any assessee with annual revenue of less than Rs. 1.5 crores will use the composition system. Under the scheme, both suppliers and traders are expected to pay 1% GST, while restaurants must pay 5%. Filing GSTR 4 is not the same as the quarterly returns that are expected to be filed.