Big News for Composition Scheme Businesses

20 lakhs out of 1.21 crore businesses registered under GST belong to the composition scheme.
If you’re one among them, here’s BIG news for you.

  • You should file GSTR-4 once in a year by April 30 for the previous financial year.

  • Your 1st GSTR-4 should be filed on 30.04.2020 for Financial Year 2019-20.

  • You are allowed to file “self-assessed tax” return on a quarterly basis. I.e You have to pay tax once in 3 months (quarterly) using FORM GST CMP-08.

  • You can pay self-assessed taxes and it’ll be based on your turnover.

  • FORM CMP08 has to be filed by the 18th day of the subsequent month following the end of a quarter. I.e. FORM CMP08 for the quarter Jan- Mar should be filed by 18th of April.

  • First GST CMP-08 should be filed on 18.07.2019 for Quarter 1 (April-June) of F.Y. 2019-20.

  • Service providers can opt for GST composition scheme by April 30.

  • But, businesses who have not opted for composition scheme have to file GST returns every month and also pay taxes as per the GST slabs decided for the goods and services they deal in. Currently, there is a 4-tier GST- 5, 12, 18 and 28 percent.

This means, small and upcoming businesses can opt for composition scheme without any fear of compliance.

 

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