About GSTR 4

GSTR 4, also known as the annual return for composition taxpayers, is a mandatory GST return that must be filed by taxpayers who have opted for the composition scheme under the Goods and Services Tax (GST) regime in India. It is a yearly return that summarizes the taxpayer’s outward supplies, inward supplies, imports, and reverse charge transactions for the entire financial year. The purpose of GSTR 4 is to reconcile the taxpayer’s tax liability under the composition scheme with the actual tax liability under the regular GST scheme.

Applications

GSTR-4 is applicable to taxpayers who have opted for the composition scheme during any part of the financial year. This includes taxpayers who have opted for the composition scheme for the entire financial year and those who have opted for the scheme for a part of the year and later opted out.

Eligibility

The following taxpayers are eligible to file GSTR 4:

• Taxpayers who have opted for the composition scheme under the GST regime.
• Taxpayers who were in the composition scheme for any part of the financial year.
• Taxpayers with an aggregate turnover of less than Rs. 75 lakh in the financial year.
• Taxpayers involved in intrastate trade only.

Documents Needed

The following documents are required for filing GSTR 4:

• GSTIN (Goods and Services Tax Identification Number)
• PAN (Permanent Account Number)
• Financial statements for the financial year
• Details of outward supplies, inward supplies, imports, and reverse charge transactions
• Any other relevant documents as prescribed by the tax authorities

It is important to note that the due date for filing GSTR 4 is 30th April following the relevant financial year. Late filing of GSTR 4 attracts a late fee as per the GST regulations.