The business units poting for a better and feasible GST payment system can do it till 31st March 2022 by applying it to the GST composition scheme of the government. With this scheme, the suppliers offering both goods as well as services with an annual turnover of up to 1.5 crores can pick up the scheme to pay the taxes for FY 2023.
Towards the Financial Year 2022-23 the Goods and service tax network had provided the window to choose the composition scheme. The qualified assessee who takes the composition scheme under GST might choose the composition prior to 31st March 2022.
One would choose for the composition levy beneath GST on the condition when you undergo a regular assessee posing an aggregate annual domestic PAN-based turnover mentioned with time duration.
But one would choose for the composition levy when you create any supply of goods that do not subject to come beneath tax, inter-state outward supplies of goods; supplies via electronic commerce operators who are needed to obtain the tax beneath section 52 a manufacturer of notified goods; a casual dealer; a Non-Resident Foreign Taxpayer; a person registered as Input Service Distributor (ISD); and a person registered as TDS Deductor/Tax Collector.
Easy Guide to Opt Composition Scheme on GST Portal
To choose the composition levy to execute the provided procedure on the GST portal.
Step 1: Open the https://www.gst.gov.in/ website then login to the taxpayers’ interface
Step 2: Then Proceed to the services > Registration > Application to Opt for Composition Levy
Step 3: Fill out form CMP-02 under GST. Also, click on the ‘Composition Declaration and ‘Verification’ checkboxes. Fill in the authorized signatory name, type the place and click on save. And finally, submit the form
