You are using an older browser version. Please use a supported version for the best MSN experience.

Businesses get time till 16 August to opt for GST composition scheme

LiveMint logoLiveMint 22-07-2017 PTI

New Delhi: The government on Sunday extended the deadline till 16 August for businesses to opt for composition scheme under the goods and services tax (GST) regime.

“With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the composition scheme, it has been decided to extend the time limit for filing intimation for composition levy up to 16 August 2017,” the finance ministry said in a statement.

Small businesses with turnover of up to Rs75 lakh were earlier given time till 21 July to opt for the scheme in the GST regime. The government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from 1 July 2017, the ministry said.

To opt for composition scheme, the taxpayer needs to log into his account at the GST portal, www.gst.gov.in and select ‘Application to opt for the Composition Scheme’ under ‘Services’ menu. They have to fill up the Form GST CMP-01 to opt for the scheme. Under composition scheme, traders, manufacturers and restaurants can pay tax at 1%, 2% and 5%, respectively.

The ministry further said taxpayers not willing to cancel their GST registration can do so till 30 September 2017. “Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for cancellation of registration is being extended up to 30 September 2017,” it said.

There are over 70 lakh excise, value added tax (VAT) and service taxpayers who have migrated to the GSTN portal for filing returns in the GST regime which kicked in from 1 July. Besides, there are over 8 lakh new taxpayers who have registered on the portal. These new registered taxpayers can opt for the composition scheme at the time of registration.

More From LiveMint

image beaconimage beaconimage beacon