The 21st meeting of the Goods and Services Tax (GST) Council held at Hyderabad on Saturday decided to re-open the registration window for composition scheme till 30th September.
The last date to avail the scheme was August 16, and to open the scheme again for taxpayers will need an amendment to the composition rules.
“A registered person (whether migrant or new registered) who could not opt for composition scheme shall be given the option to avail composition till 30th September and such registered person shall be permitted to avail the benefit of composition scheme from 1st October 2017,” a press release issued by the Government said today.
The Composition Scheme enables the traders, manufacturers and restaurant owners with annual turnover up to Rs 75 lakh in the preceding financial year, to pay tax at 1 percent, 2 percent and 5 percent, respectively. However, the persons who avail the benefit of the said scheme claim for input tax credit.
