Date for Opting Composition Scheme under GST extended till 16.08.17
The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16, 2017. Small businesses with turnover of up to Rs 75 lakh earlier had time till 21st July 2017 to opt for the scheme in the Goods and Services Tax regime.
“The Board hereby extends the period for filing an intimation in Form GST CMP-01… up to August 16, 2017,” the Central Board of Excise and Customs (CBEC) said in an office order. To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select ‘Application to opt for the Composition Scheme’ under ‘Services’ menu. They have to fill up the Form GST CMP-01 to opt for the scheme. Under composition scheme, traders, manufacturers and restaurants can pay tax at 1, 2 and 5 per cent, respectively. Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter as against monthly returns to be filed by regular GST registered business.