GST: Facility to Opt for Composition Levy closed
The facility to opt for the composition
scheme by filing intimation in Form GST CMP-02 for FY 2018-19 has been closed
by the Goods and Services Tax (GST) portal on 31st March 2018. Taxpayers, who
wish to avail the composition scheme had a chance to do so before 31st March
2018.
Small dealers having turnover up to one crore can avail the benefit of the said scheme.
With a view to ease norms for small traders and to reduce their compliance burden, the Government had introduced a composition scheme to the taxpayers.
Composition scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost.
Small dealers having turnover up to one crore can avail the benefit of the said scheme.
With a view to ease norms for small traders and to reduce their compliance burden, the Government had introduced a composition scheme to the taxpayers.
Composition scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost.
The revenue threshold is Rs 50 lakhs for
dealers across nine states including Arunachal Pradesh, Nagaland, and Tripura
among others. The enrollment into the plan is optional.
All the Registered Dealers are required to file GST returns irrespective of the type of business or turnover or profitability during the GST return filing period.
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