Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Finance News

Govt Explains New Tax Structure for Tax Payers Under Composition Scheme

Govt Explains New Tax Structure for Tax Payers Under Composition Scheme

author-image
SMEStreet Edit Desk
18 Apr 2018 11:15 IST

Follow Us

New Update
Arun Jaitley, ,

Taxpayers who have opted to pay tax under the Composition levy do no require to fill the data in serial number 4A of Table 4 of FORM GSTR-4, the Finance Ministry clarified.

It is hereby clarified that since auto-population of the details of the inward supplies including supplies on which tax is to be paid on reverse charge is not taking place, 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 for the tax periods January, 2018 to March, 2018 and subsequent tax periods, the Finance Ministry said in an official release.

The clarification came in the background of doubts raised recently by taxpayers under the Composition scheme bout the manner of filing the quarterly return by composition dealers in FORM GSTR-4.

In particular, there is a doubt with respect to the instruction at Sl. No. 10 appended to the said FORM which reads as "For the tax periods July, 2017 to September, 2017 and October, 2017 to December, 2017, serial 4A of Table 4 shall not be furnished".

The Composition scheme under the GST is an easy, low procedure and compliance friendly tax scheme for small and medium enterprises.

Under the scheme, firms under a threshold limit of turnover can pay a fixed percentage of their turnover as tax. They need to fill only reduced number of returns compared to normal tax payers under GST.

Composition Scheme Tax Structure Arun Jaitley
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!