A GUIDE ON COMPOSITION SCHEME
The Composition Scheme under GST is a scheme that offers comparatively lesser compliance. Small taxpayers can get rid of various GST formalities and can pay GST at a fixed rate of turnover. For fresh registrations under the GST Composition Scheme, an intimation in Form GST REG- 01 must be filed.
Who cannot opt for Composition Scheme?
What are the conditions for opting for Composition Scheme?
How can a taxpayer opt for a composition scheme?
To opt for a composition scheme a taxpayer has to file GST CMP-02 with the government. This can be done online by logging into the GST Portal. This intimation should be given at the beginning of every Financial Year by a dealer wanting to opt for Composition Scheme.
What are the steps to file GST CMP-02?
Step 1 – Login to GST Portal.
Step 2 – Go to ‘Services’ > ‘Registration’ > ‘Application to Opt for composition Levy’.
Step 3 – On this window read the ‘Composition Declaration’ and ‘Verification’ carefully and tick on the checkbox. Choose the ‘Name of Authorized Signatory’ from the drop-down. Also, type the ‘Place’ and click on ‘SAVE’.
Step 4 – If you are a Company or an LLP you can only submit the application with DSC. Any other registrant can use any of the three methods to submit the return.
Step 5 – A pop-up will open containing the warning. Click on ‘PROCEED’ here.
Once the application is submitted a success message is displayed. Also, an acknowledgment is sent to your registered email id and mobile.
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