New Delhi: In a relief to the taxpayers on the composition scheme under the goods and services tax (GST), the finance ministry has allowed them to file self-assessed tax return on quarterly basis in a simplified form. As per the new format, composition scheme businesses will file the April-June quarter returns in July this year.
Till now, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4, which ran into seven pages. As per a Central Board of Indirect Taxes and Customs (CBIC) notification, composition scheme taxpayers will now file GSTR-4 annually by April 30 for the previous financial year ending March 31.
The CBIC has further simplified statement for payment of self-assessed tax in Form GST CMP08 to be filed by taxpayers who have opted for the composition scheme, under which businesses have to pay a lower rate of tax on their turnover.
The CMP08, which has to be filed by the 18th day of the subsequent month following the end of a quarter, will include details like outward supplies, inward supplies attracting reverse charge, including import of services; tax and interest payable; and taxes and interest paid.
Small traders and manufacturers with a turnover of Rs 1.5 crore pay a 1 per cent GST, while service providers and suppliers of both goods and services up to a turnover of Rs 50 lakh pays 6 per cent.
Businesses that have not opted for the composition scheme have to file GST returns every month and also pay taxes as per the GST slabs.
Out of the 1.21 crore businesses registered under the GST regime, 20 lakh are under the composition scheme.
