Last Date to Apply GST Composition Scheme on Portal for FY23

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

Arpit Kulshrestha

Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous.

Recent Posts

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…

14 hours ago

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

It was cited by the Delhi HC that the two adjudication orders against one SCN…

16 hours ago

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…

17 hours ago

October 2024 Records the 2nd Highest GST Collection, Driven by Domestic Sales

In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…

19 hours ago

UP AAR: GST Will Be Levied on the Installation of Electricity Distribution Systems by DISCOMs

Goods and Services Tax (GST) is to get paid on the procurement of materials and…

2 days ago

Bombay HC Quashes Rejection Order for Voluntary GST Cancellation Due to Lack of Stated Reasons

The Bombay High Court carried that as the revocation orders for the registration cancellation on…

3 days ago