In our earlier post we have discussed what is GSTR 4 and who needs to file it and w.e.f. 1st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 on annual basis for each financial year.
In this post we shall discuss about various important points suggested by GST Tech to keep in mind while filing your GST return:
1. The button on 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 years aggregate turnover is mandatory to be entered. In case there was no business in previous FY or entity was not registered enter ‘0’.
3. The tax amounts in Table 4 of GSTR 4 are auto-calculated on the basis of value entered in Taxable value and tax rate fields. However, Tax amount are editable. The Cess is to be entered by the tax payer.
4. Summary of self assessed liability is auto populated in Table 5 of GSTR 4 annual return on basis of filed Form CMP-08 and 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. 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 and 4D. Thereafter, Table 6 shows your total tax liability.
7. The details of inward supplies (from Table 4B, 4C and 4D for each tax rate) will be auto-drafted in Table-6 only after the taxpayer has clicked on “proceed to file” button. Before that the balance will be shown as ‘0’.
8. Tax and late fees are auto populated in Table 8, however interest needs to be calculated by tax payer manually and payment would be made only through Electronic cash ledger.
9. Excess amount deposited through CMP-08 available in negative liability statement will also get adjusted towards liability.
10. File button will be enabled only when no additional cash is required to be paid, you have clicked on declaration check box and you have selected authorized signatory details from the drop down list.
Thus, this are the major points to keep in mind while filing GSTR 4 annual return.