Know 10 Important points while filing GSTR4- annual return
GSTR-4 is a return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish monthly returns i.e. GSTR1 and GSTR3B, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by 30th of April, following the end of the financial year.
GSTR 4 is required to be filed annually on the GSTIN portal. GSTR 4 cannot be revised once filed by the supplier. The due date to file GSTR-4 (Annual Return) has been extended to 31st August 2020 from 15th July 2020.
Important points for filing GSTR 4:
Below are some important point while filing GSTR4:
1. Summary of Self-assessed liability is auto populated in Table 5 of GSTR-4 Table – 5 of GSTR 4 Annual Return on basis of filed Form CMP-08 and is non- editable.
2. 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 displayed as zero.
3. If available balance in electronic cash ledger is less than the amount required offset the liabilities, you can directly create challan by clicking on the CREATE CHALLAN BUTTON
4. Excess amount deposited through GST CMP – 08 available in negative liability statement will also get adjusted towards liabilities, if any.
5. Tax and late fee are auto drafted in Table – 8 but interest is user input. Liabilities can be discharged only through Electronic Cash Ledger.
6. 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.
7. 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 zero.
8. 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.
9. The details of Outward supplies in Table 6 (Row 12-16) of GSTR-4 have to be entered manually by the taxpayer.
10. File button is enabled if no additional cash is required to be paid for liabilities, you have clicked on declaration check box and You have selected authorized signatory details from the drop down list.