The taxpayers who have opted for the composition scheme under the GST, it is mandatory for them to return file GSTR 4 form once a year. Taxpayers need to submit one return each fiscal year under the GST composition plan. The SAG Infotech described the steps and procedure to file GSTR 4...
Penalty for delay in filing GST returns Late fee is Rs 100 per day under the CGST Act & Rs 100 under the SGST Act. So, a total penalty of Rs 200/day will apply up to a maximum of Rs 5,000. Penalty for opting for composition scheme even though the business is not eligible In cas...
The types of GST returns can be broadly classified as Regular Businesses, Companies registered under the Composition Scheme, Other types of business people and dealers, Amendments, Auto-drafted Returns, and Tax Notice. GST can be filed online conveniently by logging in to the GST Portal. There a...
Opting out of Composition Scheme on crossing the threshold of composition scheme Late fees in case of following a. GSTR 10 – Final Return (in case of cancellation of registration) b. Delay in filing annual return for FY 17-18 and older period returns Liability of Partner of firm to pay ...
The GST portal has introduced negative values in Table 4 which comes under form GSTR 3B return. For Financial Year 2023-24, regular taxpayers can opt for the composition scheme by navigating to the ‘Services-> Registration-> Composition Scheme Application Form’. It will be available on GST ...
2. Composition Scheme GST Registration The composition scheme for GST registration is designed for small businesses or taxpayers with a turnover of less than Rs. 1.5 crore. This scheme simplifies compliance with minimal paperwork and fewer GST returns to file. Additionally, it allows businesses to ...
As per the new tax regime, the business owners and dealers, who have opted for the composition GST scheme must file their annual returns using the GSTR 9A form. The form also includes the details of quarterly returns as well as the sub-tax categories for a particular financial year. ...
GSTR-9A is the Annual GST return that is to be those persons having GST Registration under the composition scheme u/s 10 of CGST Act 2017 whenever amid the financial year. #11. How to determine the threshold limit for turnover of an alcohol supplier? Section 9(1) of CGST/SGST A...
A business who opt for composition scheme and needs to pay to subsidize GST rates from 1% to 5% & file this quarterly return. #4. GSTR 1A The purpose of this return is to rectify/resolve the mismatch in sales figures with your customers to whom you raise the tax invoice. ...
Features of export under GST scheme The goods and services can be supplied to outside India either on payment of IGST (Integrated Goods and Services Tax), claimable as refund after the goods have been exported, or under Bond or Letter of Undertaking (LUT) without payment of IGST. For goods...