Edit Content

GSTR-4 Return Filing

GSTR-4 Return Filing

GSTR-4 return filing is a process where small taxpayers who have opted for the Composition Scheme under GST need to file their quarterly returns. The Composition Scheme is designed for businesses with a turnover of up to Rs. 1.5 crore to simplify their compliance requirements.

When filing GSTR-4, taxpayers need to provide details of their outward supplies, tax payable, and payment of tax. It is a quarterly return that needs to be filed by the 18th of the month succeeding the quarter. This return helps the tax authorities understand the turnover and tax liability of businesses under the Composition Scheme.

Resource_Library___t_His___Rock_This_Revival-removebg-preview

Free Consultation by Expert

Contact Form Demo
Bipasha Mittal- Delhi, India
Read More
Expertly managed GSTR-4 filing with prompt and reliable support.
Piya Singh- Delhi, India
Read More
Seamless GSTR-4 filing, managed with precision and care.
Akash Saha - Delhi, India
Read More
Professional service made GSTR-4 return filing straightforward.

Under which act is GSTR-4 Return Filing ?

Under which act GSTR-4 return filing for med is done falls under the Goods and Services Tax (GST) Act.

Businesses that opt for the Composition Scheme and have a turnover of up to Rs. 1.5 crore are required to file GSTR-4 returns quarterly as per the provisions of the GST Act.

This filing helps in reporting their turnover, tax liability, and payment of taxes accurately to the tax authorities.

Businesses must comply with the GST Act to avoid any penalties and maintain good standing with the tax authorities.

What are the benefits we get from GSTR-4 Return Filing ?

Filing GSTR-4 returns under the GST Act offers several benefits for businesses that have opted for the Composition Scheme. Some of the advantages include:

  1. Simplified Compliance: GSTR-4 filing simplifies the compliance process for small taxpayers under the Composition Scheme by requiring them to file returns quarterly instead of monthly.
  2. Reduced Tax Liability: Businesses under the Composition Scheme pay tax at a lower rate on their turnover, reducing their overall tax liability.
  3. Ease of Documentation: GSTR-4 filing streamlines the documentation process by providing a structured format for reporting outward supplies and tax payments.
  4. Avoidance of Penalties: Timely and accurate filing of GSTR-4 helps businesses avoid penalties and maintain compliance with GST regulations.
  5. Legal Compliance: By filing GSTR-4 returns as required by the GST Act, businesses ensure they are meeting their legal obligations and staying in good standing with the tax authorities.

Who is eligible For GSTR-4 Return Filing ?

Businesses with a turnover of up to Rs. 1.5 crore who have chosen the Composition Scheme under GST can file GSTR-4 returns.

  • The scheme is tailored for small taxpayers to streamline compliance and lower tax burden.
  • If your business fits within the turnover limit and is under the Composition Scheme, you can file GSTR-4 returns every quarter.
  • Timely and precise filing is essential to meet GST rules and prevent penalties.

What are the required documents for GSTR-4 Return Filing ?

For GSTR-4 return filing, the required documents typically include:

  1. Details of outward supplies: This includes invoices issued during the quarter for the goods or services provided.
  2. Details of inward supplies attracting reverse charge: Any purchases attracting reverse charge mechanism during the quarter need to be reported.
  3. Consolidated statement of advances received and paid: This document summarizes the advances received and paid during the quarter.
  4. Details of tax payable and paid: This includes the calculation of tax liability based on the turnover and tax rates applicable under the Composition Scheme.
  5. Any other relevant financial documents: Depending on the nature of the business and transactions, additional documents may be required to support the information provided in the GSTR-4 return.

What is the whole process Of GSTR-4 Return Filing ?

  1. Gather all the required documents: Collect details of outward supplies, inward supplies attracting reverse charge, advances received and paid, and tax payable and paid.
  2. Select the financial year and the return filing period: Choose the appropriate financial year and the quarter for which you are filing the GSTR-4 return.
  3. Fill in the details: Enter the details of outward supplies, inward supplies, advances received and paid, and tax payable and paid in the respective sections of the GSTR-4 form.
  4. Preview and validate the return: Review all the information entered to ensure accuracy and validate the return to check for any errors.
  5. Submit the return: Once you have verified all the details and ensured their accuracy, submit the GSTR-4 return on the portal.
  6. Make the payment: If there is any tax liability, make the payment through the available payment options on the portal.
  7. Generate and save the acknowledgment: After successful submission, generate and save the acknowledgment for your records.

What Blacktie legal services offer in GSTR-4 return filing ?

Our Blacktie legal servicescan assist in filing GSTR-4 returns for businesses opting for the Composition Scheme in various ways.

We can help you with data management, record-keeping, return preparation, and filing, and provide additional support.

Our Blacktie legal services can support businesses opting for the Composition Scheme with GSTR-4 return filing. We provide software solutions for seamless integration with the GST portal and offer expertise in preparing and submitting GSTR-4 returns accurately and on time.

 When choosing a company for GSTR-4 filing, consider experience and proficiency in GST matters to ensure reliable and efficient services.

Blacktie Legal Services offers a comprehensive range of services for GSTR-4 return filing, ensuring that businesses can efficiently manage their quarterly tax obligations under the GST Composition Scheme. Their services begin with the accurate preparation and filing of the GSTR-4 return, which is crucial for businesses opting for the Composition Scheme, as it summarizes their GST liabilities and input tax credits for each quarter.

The team at Blacktie Legal Services meticulously reviews and reconciles financial records to ensure that all reported data is accurate and aligns with GST regulations. This includes verifying the correctness of the turnover reported, ensuring proper documentation of all input tax credits, and confirming that all taxable supplies are correctly categorized. They handle the organization and compilation of necessary documents and supporting records, which are vital for accurate reporting and compliance.

In addition to preparation and filing, Blacktie Legal Services provides strategic advice on GST compliance, helping businesses understand and navigate any complex aspects of the GST laws that may impact their filings. They also offer error identification and resolution services, addressing any discrepancies or issues in the return to prevent penalties or legal complications.

Throughout the filing process, Blacktie Legal Services ensures timely submission of the GSTR-4 return and provides ongoing support, including reminders of important deadlines and changes in GST regulations that may affect filing requirements. By offering these comprehensive services, Blacktie Legal Services aims to streamline the GSTR-4 filing process, ensuring accuracy, compliance, and peace of mind for businesses under the Composition Scheme.

Blacktie Legal Services provides a thorough array of services for GSTR-4 return filing, outlined as follows:

  1. Preparation and Filing:
    • Accurate preparation of the GSTR-4 return, which is essential for businesses under the GST Composition Scheme.
    • Timely submission of the return to meet quarterly deadlines and ensure compliance.
  2. Data Reconciliation:
    • Detailed reconciliation of financial records and GST transactions to ensure consistency with GSTR-4 requirements.
    • Verification of turnover, input tax credits, and taxable supplies to ensure all data is accurately reported.
  3. Compliance Checks:
    • Ensuring adherence to GST regulations and guidelines specific to the Composition Scheme.
    • Identifying and addressing any compliance issues or discrepancies in the return.
  4. Documentation Support:
    • Organizing and preparing all necessary documentation and supporting records required for accurate GSTR-4 filing.
    • Ensuring that all relevant documents are compiled and available for review and submission.
  5. Error Identification and Resolution:
    • Reviewing and correcting any errors or omissions in the return to prevent penalties or legal issues.
    • Providing solutions to rectify discrepancies and ensure accurate reporting.
  6. Advisory Services:
    • Offering expert advice on GST compliance, including guidance on the implications of GST laws and recent regulatory changes.
    • Providing insights into best practices for managing GST obligations under the Composition Scheme.
  7. Filing Assistance:
    • Providing support throughout the filing process, including reminders of important deadlines and updates on filing requirements.
    • Assisting with any technical issues or challenges encountered during the filing process.

By offering these services, Blacktie Legal Services aims to ensure that businesses under the GST Composition Scheme can manage their GSTR-4 filings efficiently, maintain compliance, and avoid potential issues or penalties.

“Hopefully, this article from Blacktie Legal Services finds you well and offers valuable insights into the GSTR-4 return filing process. Our comprehensive services are designed to streamline the filing process for businesses under the GST Composition Scheme. We ensure precise preparation and timely submission of your GSTR-4 returns, meticulously reconciling financial records to align with GST regulations. Our team conducts thorough compliance checks, addresses any discrepancies, and provides expert advisory services on navigating GST laws and recent regulatory changes. With our support in organizing documentation, identifying and correcting errors, and handling technical challenges, we aim to facilitate accurate and hassle-free GSTR-4 filing, helping you maintain compliance and avoid potential penalties.”

Why Choose Black Tie legal Services

We have a team of 100+ Professionals

Commitment of 100% Client Satisfaction

50,000+ Clients in PAN India