The facility to opt for the composition scheme by filing intimation in Form GST CMP-02 for FY 2018-19 has been closed by the Goods and Services Tax (GST) portal on 31st March 2018. Taxpayers, who wish to avail the composition scheme had a chance to do so before 31st March 2018.
Small dealers having turnover up to one crore can avail the benefit of the said scheme.
With a view to ease norms for small traders and to reduce their compliance burden, the Government had introduced a composition scheme to the taxpayers.
Composition scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost. The revenue threshold is Rs 50 lakhs for dealers across nine states including Arunachal Pradesh, Nagaland, and Tripura among others. The enrollment into the plan is optional.
To opt for the 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.
