The Goods and Services Tax Network on 24th March 2021 has issued an Advisory on opting in for Composition Scheme for the financial year 2021-22.
Key Highlights from the Advisory.
A regular taxpayer with an aggregate annual domestic PAN-based turnover as specified from time to time can opt for the Composition Levy under GST.
Any taxpayer who is registered as a normal taxpayer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.
Further those taxpayers, who are already availing the composition scheme, there is no requirement to file a fresh application opting for the composition scheme, subject to compliance of relevant conditions/restrictions in this regard.
Composition taxpayer needs to pay tax and furnish a statement, every quarter or part thereof, as the case may be, in FORM GST CMP-08 and shall furnish a return for every financial year or part thereof, as the case may be, in FORM GSTR-4.
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