Finance Ministry simplifies 'self-assessed' to file GST composition scheme

Businesses that use the composition scheme to pay GST can file 'self-assessed tax' return on a quarterly basis in a simplified form, the finance ministry has said.

Businesses had to use a seven-page form called GSTR-4 when they filed tax returns every quarter if they opted for composition scheme, which is meant for small taxpayers and allows them relief from GST formalities.

As per a Central Board of Indirect Taxes and Customs (CBIC) notification, composition scheme taxpayers will now file GSTR-4 annually by April 30 for the previous financial year ending March 31.

The CBIC has notified the simplified 'statement for payment of