Businesses opting for composition scheme under
GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4, the Finance Ministry said Wednesday.
In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received 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," the ministry said in a statement.
Serial number 4A of Table 4 of Form GSTR-4 gives details of purchases made from GST registered vendors.
Over 18 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy under the Goods and ServicesNSE -1.68 % Tax (GST) regime which was rolled out on July 1, 2017. Businesses with annual turnover of up to Rs 1 crore can opt for the scheme.
The last date for filing GST returns for the July-September quarter for such dealers is October 18.
"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," EY Tax Partner Abhishek Jain said.
Source: economictimes.indiatimes.com