Shivam RC
(Student)
(23683 Points)
Replied 08 November 2018
1). Composition Scheme Dealers ( SECTION 10 of CGST ACT 2017 ) have to file following Returns :
a). GSTR 4 ( Quarterly ) : GSTR-4 is a GST Return that has to be filed by a Composition Dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR-4.
b). GSTR 9A ( ANNUAL RETURN ) : GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGSTand IGST. It consolidates the information furnished in the monthly/quarterly returns during the year.
2). A person whose Aggregate Turnover in the preceding Financial Year did not exceed ₹ 1crore , would be eligible to opt for Composition Scheme u/s 10 of CGST Act 2017. [ NOTE : The Threshold limit of ₹ 1crore has been increased to ₹ 1.5 crore in the CGST (AMENDMENT) Act 2018. But this particular Provision haven't been notified yet. So, at present the limit is ₹ 1 crore ].
3). Percentage of Tax to be paid by the COMPOSITION SCHEME DEALERS to Government is as follows :
(i). In case of MANUFACTURER : One Percentage ( CGST @ 0.5% + SGST @ 0.5% ) of the turnover in State.
(ii). FIVE PERCENTAGE [ CGST @ 2.5% + SGST @ 2.5% ] of the turnover in State in case of persons engaged in
making supplies referred to in clause (b) of Paragraph 6 of SCHEDULE II of the said
Act ( CGST Act 2017 ) , [ RESTAURANT SERVICES ].
(iii). In case of TRADERS ( other Suppliers ) : ONE PERCENT [ CGST @ 0.5% + SGST @ 0.5% ] of the Turnover in the State of TAXABLE SUPPLIES OF GOODS.
4). Persons who have opted to pay Tax u/s 10 of CGST Act 2017 i.e. Composition Scheme have to file Return ( GSTR 4 ) QUARTERLY and 1 Annual Return ( GSTR 9A ).
I hope it is clear now..
Regards.
CAclubindia
