Description
GSTR-8 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 8 once in a year by 30th of April, following a financial year.
GSTR 1 is monthly Statement of Outward supplies of Goods or Services filed by registered person. The GSTR 4 is a return under GST that needs to be filed once every 3 months by registered tax payers who have signed up for the composition scheme (those who opt for this scheme are known as compounding vendors).
How do I file a GST return for composition scheme?The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the financial year exceeds the specified limit (Rs. 75 lakhs / Rs. 50 lakhs).
To opt for the Composition Levy, perform the following steps on the GST portal:
- Log in to the Taxpayers’ Interface.
- Go to Services > Registration > Application to Opt for Composition Levy.
- Fill the form as per the form specification rules and submit.
The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the financial year exceeds the specified limit (Rs. 75 lakhs / Rs. 50 lakhs).
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