Good News for Composition Taxable Persons

good news for composition taxable persons
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Good News for Composition Taxable Persons

 

It will be applicable to suppliers of goods who are registered under composition taxable scheme u/s 10 of CGST Act,2017 as well as to service providers who are opting for paying tax by availing the benefit of  composition taxable scheme as per Notification No. 02/2019– Central Tax (Rate), dated the 7th March, 2019.

A person who is registered under the composition scheme under GST will now have to file only ONE return on annual basis.This will be effective from financial year 2019-20. The return needs to be filed in FORM GSTR – 4. Due date for such return is on or before 30th April following the end of such financial year.

⊗  While the payment of tax needs to be made based on self assessment on QUARTERLY basis. This will be effective from financial year 2019-20. The statement containing the details of payment should be furnished in FORM GST CMP – 08. Due date for such payment is on or before 18th day of the month succeeding such quarter.

 

Due dates for payment of tax and return

(as per CGST Notification no. 21/2019 dated 23rd April 2019)

Quarter/Annual

Due date

Form

Apr’19 – Jun’19

18th July 2019

FORM GST CMP-08

Jul’19 – Sep’19

18th October 2019

FORM GST CMP-08

Oct’19 – Dec’19

18th January 2020

FORM GST CMP-08

Jan’20 – Mar’20

18th April 2020

FORM GST CMP-08

Apr’19 – Mar’20

30th April 2020

FORM GSTR – 4

 

 

⊗ FORM GST CMP – 08- Statement for payment of self-assessed tax would require the following basic details like GSTIN, Legal name, Trade name, ARN , Date of filing and the following details which states how the liability is assessed as per CGST Notification no. 20/2019 dated 23rd April 2019

Summary of self-assessed liability 

(net of advances, credit and debit notes and any other adjustment due to amendments etc.)

Sr. No.

Description Value Integrated Tax Central Tax State/UT Tax

Cess

1.

2. 3. 4. 5. 6.

7.

1.

Outward supplies (including exempt supplies)

2.

Inward supplies attracting reverse charge including import of services

3.

Tax payable (1+2)

4.

Interest payable, if any

5.

Tax and interest paid

The article is compiled by CA Ankita Khetan. If you have any queries concerning the above article. Please write to us either in the comments section below or email us on  info.financepost@gmail.com.

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