Traders Opted for GST Composition Scheme from beginning can File their Maiden Returns Now, Others have to wait till Next Week
The Goods and Services Tax portal has enabled the facility to file GSTR-4 for the months July to September by businesses who have obtained registration under the composition scheme. However, others who have opted for the scheme later will have to wait for one more week.
“Taxpayers who have opted for composition from beginning will be able to file GSTR-4 on the portal. Those who have opted in for composition later and have to file GSTR-1,2,3 for part period may wait till we enable the facility on the portal by next week,” a statement appeared in the GST portal said.
Around 15 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, till September under the Goods and Services Tax (GST) that rolled out from July 1.
The scheme is optional under which manufacturers other than those of ice cream, pan masala and tobacco products have to pay a 2 per cent tax on their annual turnover. The tax rate is 5 per cent for restaurant services and 1 per cent for traders.