gst

This query is : Resolved

JAYAKUMAR RANGANATHAN (Querist)
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16 June 2017 I am the proprietor of a jewelry shop in Chennai and my vat a/c is in the process of getting converted into gstin. I am also the landlord of few commercial properties in Chennai where I am getting rent + service tax . can I use the above gstin for paying service tax or should I apply for a separate GST.in for this. jewelry shop and buildings are in the same name only

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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16 June 2017 Same GSTIN is generated for service tax & VAT both. You have to fill details of both while applying for GSTIN under one Provisional ID.

JAYAKUMAR RANGANATHAN

JAYAKUMAR RANGANATHAN (Querist)
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19 June 2017 is annual gstR 9 required for composition assesses. if so is audited details of gross and net profit have to be shown

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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26 July 2024 For composition scheme taxpayers under GST, the annual return and audit requirements differ from those applicable to regular taxpayers. Here’s a detailed breakdown regarding **GSTR-9** and the audit requirements for composition scheme assesses:

### GSTR-9 for Composition Scheme Taxpayers

1. **Filing Requirement:**
- **GSTR-9:** This is the annual return that needs to be filed by all regular taxpayers. However, **composition scheme taxpayers are not required to file GSTR-9**. Instead, they must file **GSTR-4** on a quarterly basis, which serves as the annual return for them.

2. **GSTR-4:**
- **For Composition Taxpayers:** GSTR-4 is the annual return for taxpayers under the composition scheme. It is filed on a quarterly basis but is considered an annual return in terms of compliance.
- **Due Date:** The due date for filing GSTR-4 for the financial year is generally 30th April of the following financial year.

### Audit Requirements

1. **Audit Requirement:**
- **For Composition Taxpayers:** There is no specific requirement for composition taxpayers to undergo a statutory audit under GST. The audit requirements under GST are applicable to regular taxpayers whose turnover exceeds the threshold limit, which necessitates a detailed audit of financial statements.

2. **Details of Gross and Net Profit:**
- **For Composition Taxpayers:** The composition scheme does not mandate the detailed disclosure of gross and net profit in the GSTR-4. The return focuses on the summary of sales, purchases, and taxes paid.
- **Regular Taxpayers:** For regular taxpayers, a GST audit may be required if their turnover exceeds the prescribed limit, and in such cases, details of financial statements including gross and net profit would be examined.

### Summary

- **GSTR-9:** Not applicable for composition scheme taxpayers.
- **GSTR-4:** Must be filed quarterly; it includes the summary of sales, purchases, and taxes.
- **Audit Requirements:** No statutory audit is required for composition scheme taxpayers under GST.

### For Regular Taxpayers

- **GSTR-9:** Regular taxpayers must file GSTR-9, which is an annual return.
- **Audit Requirement:** Regular taxpayers whose turnover exceeds the prescribed limit must undergo an audit, and detailed financial information including gross and net profit will be required.

### Conclusion

Composition scheme taxpayers are not required to file GSTR-9 and do not have to undergo a statutory audit under GST. They only need to file GSTR-4 and maintain records as required by the GST law. Regular taxpayers must comply with different requirements, including filing GSTR-9 and undergoing audits if their turnover exceeds the prescribed limit.