Opt for Composition Scheme till 31st March, File ITC-03 before 30th July: GST Portal

TRAN-1 - GST Portal

The Goods and Services Tax ( GST ) portal has mandated that the taxpayers should opt for composition scheme till 31st March 2019. The portal has also reminded that such taxpayers shall file the stock declaration in ITC-03 before 30-09-19.

“Taxpayers should fill CMP-02 before 31-03-19 to opt-in for Composition for FY 2019-20. Thereafter, the stock declaration in ITC-03 should be filed before 30-09-19,” the GSTN said in a statement.

Presently, the GST Composition Scheme can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1. The effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders has also been fixed as April 1.

The service providers and suppliers of both goods and services with a turnover of up to Rs 50 lakh would be eligible to opt for the GST composition scheme and pay a tax of 6 percent from the beginning of next fiscal.

Earlier, the GST Council had recommended that the Composition Scheme, under which small traders and businesses pay a 1 percent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crores.

The notifications in this effect had been issued by the Central Board of Indirect taxes and Customs (CBIC) last week.