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Taxpayers have to opt for GST composition scheme by July 21

There are over 4.5 lakh new taxpayers who have registered in the GSTN portal

Press Trust of India  |  New Delhi 

GST, tax, investors

Small businesses with turnover of up to Rs 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services regime, Network said today.

To opt for composition scheme, the taxpayer needs to log into his account at the Portal www.Gov.In and select 'Application to opt for the Composition Scheme' under 'Services' menu, a statement said.

"Any person who has been granted registration on a provisional basis and has turnover not exceeding Rs 75 lakh, and who wishes to opt for the composition levy, is required to electronically file an intimation, duly signed or verified through EVC, at the GST portal on or before July 21, 2017," Chairman said.

Under composition scheme, traders, manufacturers and restaurants can pay at one per cent, two per cent and five per cent, respectively in the new indirect

Businesses opting for 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 other businesses.

There are over 69 lakh excise, VAT and service who have migrated to the portal for filing returns in the GST which ushered in on July 1.

Besides, there are over 4.5 lakh new who have registered in the portal. These new registered can opt for the composition scheme at the time of registration.

GSTN also clarified that taxpayers who have been given provisional IDs must complete all parts of the enrolment at the GST portal and submit the same along with the required documents with digital signature or

Once the form is completed and submitted, the enrolled taxpayer will be issued the final Certificate of Registration which would mark completion of migration under GST.

In case an enrolled taxpayer fails to submit the duly filled form with the requisite documents, his provisional registration is liable to be cancelled.

"A period of three months is allowed to complete the enrolment procedure by September 22, 2017. In the interim, they can issue tax invoice using the provisional ID already allotted to them," Kumar said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, July 15 2017. 01:47 IST