Traders can register under GST Composition scheme up to month-end

Traders with up to Rs 75 lakh annual turnover, who are yet to register themselves under GST, can do so now until September 30, as the Goods and Services Tax Network (GSTN) on Monday opened a window for such registrations, it said.

"Many taxpayers who migrated after August 16 could not avail this facility. To make this facility available to all those who could not opt for Composition, the facility has been opened again by the GST Council," the GSTN said in a statement on Sunday.

The facility is available to both migrated as well as new registered taxpayers. This is also open to those who registered afresh under GST but did not avail the facility at the time of registration.

Small taxpayers, who have below Rs 75 lakh turnover, can avail the Composition Scheme at the Goods and Services Tax (GST) portal that will allow them to file returns once in a quarter to reduce the burden of compliance as against monthly returns to be filed by other businesses.

Those who opt for Composition during this period will get this facility from October 1 for the current financial year. For the period prior to October 1, the taxpayers will be treated as normal taxpayer and will have to file monthly return for the period until September 30.

"Any person who has been granted registration on a provisional basis or regular basis and has turnover not exceeding Rs 75 lakh and who wishes to opt for the Composition levy under Section 10 of the Act, is required to electronically file an intimation, duly signed or verified through electronic verification code, at the GST portal on or before September 30," GSTN CEO Prakash Kumar said.

To opt for the Composition scheme, the taxpayer needs to log into his account at the GST portal www.gst.gov.in and select the "Application to opt for the Composition Scheme" under the "Services" menu. After filling in the form, he has to submit the application using digital signature or e-signature or electronic verification code.

--IANS

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