Form GSTR-4 (Annual) is annual return which all Composition Taxpayers are required to file a return on annual basis after the end of the Financial Year which was rolled out from 01-04-2019.
All registered taxpayers, who have opted for Composition Scheme for any part of the Financial Year, are required to file a return in Form GSTR-4 on annual basis w.e.f. FY 2019-20
The due date for filing Form GSTR-4(Annual) for a financial year is 30th April of the succeeding financial year or as extended by Government.
For F.Y. 2019-20, the due date has been extended to 31-08-2020
Let’s look at some important points to take care while filing Form GSTR-4 (Annual):
1. The Button to file Annual GSTR-4 return will get enabled only after you have filed CMP-08 for all the applicable quarters of relevant Financial Year
2. The Previous Year’s Aggregate turnover is mandatory to be entered. In case there was no business in previous FY or entity was not registered enter ‘0’ (zero)
3. The tax amounts in Table-4 of GSTR-4 are auto-calculated on the basis of values entered in Taxable Value and tax rate fields. However, tax amount are editable. The CESS is to be entered by the taxpayer
4. Summary of self-assessed liability is auto-populated in Table-5 of GSTR-4 Annual Return on basis of filed Form CMP-08 & is non-editable
5. The details of outward supplies in Table-6 (Row 12-16) of GSTR-4 have to be entered manually by the taxpayer
6. The details of inward supplies (from table 4B, 4C and 4D for each tax rate wise) will be auto-drafted in Table-6 only after the taxpayer has clicked on ‘Proceed to file’ button. Before that, the balance will be displayed as ‘zero’
7. Once you enter outward supply details in Table-6 and click ‘Proceed to file’ button, liability on RCM basis is auto populated from details entered in Table 4B, 4C & 4D. Thereafter, Table-6 shows your total tax liability
8. Tax and Late Fee are auto drafted in Table-8 but interest is user input. Liabilities can be discharged only through Electronic Cash Ledger
9. If available balance in Electronic Cash Ledger is less than the amount required to offset the liabilities, you can directly create challan by clicking on the CREATE CHALLAN button
10. Excess amount deposited through GST CMP-08, available in negative liability statement will also get adjusted towards liabilities, if any
11. FILE button is enabled only if no additional cash is required to be paid for liabilities, you have clicked on declaration check box and selected authorized signatory details from the drop-down list
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The author is a practicing Chartered Accountant with an overall 20 years’ experience in both Industry as well as an independent practice and can also be reached at [email protected].
Source: Goods and Service Tax Network