GSTN Launches Offline Tool For Filing Returns Under Composition Scheme

Posted By:
Subscribe to GoodReturns

GST Network said it has launched an offline tool for the filing of quarterly returns for taxpayers who opted for the composition scheme.

The offline tool for preparation of GSTR-4 is available on GST portal and can be downloaded by taxpayers and tax consultants, the GSTN said in a statement.

"GSTR-4 return can be prepared only using the offline tool. This has been done to facilitate small businesses who can prepare the same on their own computers as per their convenience. Since they will be working offline, they do not need to be connected to the Internet," GSTN CEO Prakash Kumar said.

GSTN Launches Offline Tool For Filing Returns Under Composition Scheme

The offline tool will also allow taxpayers check final payable amount and save the return for future use.

They can then create the return file on the portal and upload it using the Internet.

Nearly 15 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, under the Goods and Services Tax (GST) which was rolled outfrom July 1.

This is the first time the first quarter (July-September) of return filing by these businesses after GST was rolled out.

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.

There are over 1 crore registered businesses under the GST, which has amalgamated over a dozen taxes to make India into a single market for the seamless flow of goods and services.

The GST Council had last month raised the turnover threshold from Rs 75 lakh to Rs 1 crore for businesses to opt for the scheme.

Hence, those with the turnover of up to Rs 1 crore can take advantage of the composition scheme beginning October 1.

The user manual and FAQs for the GSTR-4 offline utility are available on GST portal, the statement added.

Goodreturns.in

Read more about: gstn, return
Story first published: Saturday, November 4, 2017, 11:53 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC