GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under GST regime by July 21.
GSTN, in a statement, said that In order to opt for the composition scheme, the taxpayer will have to log into his/her account at the GST portal (www.gst.gov.in) and select ‘Application to opt for the Composition Scheme’, given under ‘Services’ menu.
Navin Kumar, GSTN Chairman 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.”
Under the composition scheme, traders, manufacturers and restaurants can pay tax with a rate of one percent, two percent and five percent respectively, as per the new GST regime. The businesses, who choose composition schemes will also get an advantage of filing return only once in a quarter, whereas other businesses will have to file monthly returns.
Read: List of Goods and Services Not Eligible for Input Tax Credit
Currently, more than 69 lakh excise, VAT and service taxpayers of the country have migrated to the GSTN portal for filing returns in the new GST regime. Apart from this, there are more than 4.5 lakh new taxpayers, who have registered at the GST portal. The newly registered taxpayers also have an option of opting for the composition scheme by the time of registration.
Moreover, the GSTN has also announced that the taxpayers, who have been provided provisional IDs will have to complete all parts of the enrollment process at GST portal, which will then have to be submitted along with the essential documents and digital signature or EVC.
After getting the form submitted, the taxpayer will be offered the final certificate of registration, which will then be considered as the completion of migration under GST. If an enrolled taxpayer fails to submit the form with essential documents, his registration is likely to get canceled.
Kumar further added, “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.”
