Categories: Business

GST committee is considering extending the date of return for composition dealers

Photo: GOOGLE

GST committee considering demand for extending FY20 returns filing date for composition dealers

new Delhi. The Central Board of Indirect Taxes and Customs (CBIC) said that the Goods and Services Tax (GST) Implementation Committee is considering extending the date of annual return for the financial year 2019-20 for the dealers of the composition scheme. CBIC tweeted that memorandums have been received about the availability of the Common Portal and extension of date for submission of Form GSTR-4 for 2019-20. The GST Implementation Committee is considering it.

The date of submission of GSTR-4 for the last financial year for composition dealers was extended from April 3, 2020 to July 15, 2020. Rajat Mohan, senior partner of AMRG & Associates, said that GSTN has not yet been able to provide the facility of filing returns with ease. In such a situation, there is a possibility of extending its date.

Any taxpayer with a turnover of less than Rs 1.5 crore per annum can opt for GST composition scheme. Under this scheme manufacturers and traders are required to pay one percent GST. On the other hand, restaurants that do not provide liquor have to pay five percent GST.

This post was published on July 8, 2020 9:17 am

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