Choose composition scheme by 21st July
GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under GST regime by July 21.
GSTN, in a statement, said that In order to opt for the composition scheme, the taxpayer will have to log into his/her account at the GST portal (www.gst.gov.in) and select ‘Application to opt for the Composition Scheme’, given under ‘Services’ menu.
Navin Kumar, GSTN Chairman said, “Any person who has been granted registration on a provisional basis and has turnover not exceeding Rs 75 lakh, and who wishes to opt for the composition levy, is required to electronically file an intimation, duly signed or verified through EVC, at the GST portal on or before July 21, 2017.”
Under the composition scheme, traders, manufacturers and restaurants can pay tax with a rate of one percent, two percent and five percent respectively, as per the new GST regime. The businesses, who choose composition schemes will also get an advantage of filing return only once in a quarter, whereas other businesses will have to file monthly returns.
CA NARESH GUPTA