The GSTN Network today said that the small businesses with turnover of up to Rs 75 lakh can opt for composition scheme under the Goods and Services Tax regime till July 21.
“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,” GSTN Chairman Navin Kumar said.
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, a GSTN statement said.
Under composition scheme, traders, manufacturers and restaurants can pay tax at one per cent, two per cent and five per cent, respectively in the new indirect tax regime.
Businesses opting for 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.
It further clarified that taxpayers who have been given provisional IDs must complete all parts of the enrolment at the GST portal and submit the same along with the required documents with digital signature or EVC.
Around 69 lakh excise, VAT and service taxpayers have migrated to the GSTN portal for filing returns under the GST. Besides, there are over 4.5 lakh new taxpayers who have registered in the portal. These new registered taxpayers can opt for the composition scheme at the time of registration. Once the form is completed and submitted, the enrolled taxpayer will be issued the final Certificate of Registration which would mark completion of migration under GST.
The Provisional IDs would be cancelled if an enrolled taxpayer fails to submit the duly filled form with the requisite documents.
“A period of three months is allowed to complete the enrolment procedure by September 22, 2017. In the interim, they can issue tax invoice using the provisional ID already allotted to them,” Kumar said.
