Businesses that opt for the Composition Scheme under GST have to file quarterly returns instead of monthly returns. The following are the returns that businesses under the Composition Scheme have to file:
- GSTR-4: This is a quarterly return that businesses under the Composition Scheme have to file. It contains details of outward supplies made during the quarter, tax payable, tax paid, and any other relevant information.
- GSTR-9A: This is an annual return that businesses under the Composition Scheme have to file. It contains a summary of all the quarterly returns filed during the financial year.
It is important to note that businesses under the Composition Scheme do not have to file a monthly return (GSTR-3B) or an annual return (GSTR-9) like normal taxpayers. However, they have to file the GSTR-4 and GSTR-9A returns within the prescribed due dates to avoid any penalties or late fees.
