The government extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16.
Small businesses with the turnover of up to Rs 75 lakh earlier had time till today to opt for the scheme in the Goods and Services Tax regime. "The Board hereby extends the period for filing an intimation in Form GST CMP-01... up to August 16, 2017," the Central Board of Excise and Customs (CBEC) said in an office order. What Are The Major Benefits or Advantages Of GST?
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 per cent, respectively.
Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter as against monthly returns to be filed by other businesses. There are over 70 lakh excise, VAT and service taxpayers who have migrated to the GSTN portal for filing returns in the GST regime which kicked in from July 1. GST: Gold Jewellery To Cost More; Apparel, Biscuits, Footwear Cheaper
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.