Under Goods and Services Tax (GST) Regime, the business units who have chosen the composition scheme are not required to give the information of goods bought from their vendors while filing GSTR-4 Form return.
While filing the quarterly return in the Form GSTR-4, there have been few problems faced by the composition dealers in the non-appearance of auto-population of the details of inward supplies collected from registered suppliers.
“In this regard, it is to clarify that the taxpayers who have opted to pay tax under the composition levy shall not furnish the data in serial number 4A of Table 4 of Form GSTR-4,” said Finance Ministry.
Of Table 4, Serial number 4A in Form GSTR-4 includes the information purchases from GST registered vendors.
Composition scheme under the indirect tax regime has been opted by approx. 18 lakh business enterprises. Businesses are qualified to file the return at a reduced and fixed rate, under composition scheme and it is simple for them to follow the compliance of Goods and Services Tax (GST) which came into existence on 1st July 2017. Composition scheme can be availed by the businesses enterprises whose annual turnover is upto Rs 1 crore.
18th October is the last date for filing GST for the quarter of July-September for the business who opted composition scheme.
Abhishek Jain, Tax Partner of Ernst & Young (E&Y) stated, “This clarification would help address the ambiguities which some of the composition dealers had on this disclosure requirement; specifically in the light of the auto-population facility not being available,”.