The Goods and Service tax portal on 18th February 2020 has issued the advisory for opting in for the Composition scheme. The application for opting-in composition scheme for the financial year, 2020-21 has been made available on GST Portal. The scheme shall be effective from 1st April 2020.
An eligible existing registered taxpayer can opt-in for composition scheme, for the financial year 2020-21, by filling up Form GST CMP-02. The taxpayers who are already in composition scheme in previous financial year are not required to opt in for composition again for FY 2020-2021. The taxpayers who were regular taxpayers in a previous financial year but are opting-in composition scheme for 2020-21 should file ITC-03 for reversal of ITC credit on stocks of Inputs, semi-finished goods and finished goods available with him within a period as prescribed under Rule, 3(3A) of CGST Rules, 2017.
All taxpayers opting in for composition shall file FORM GST CMP-08 quarterly and pay GST and shall file GSTR-4 annually.
Click here to Read the Circular.
