Government Extends Date of Filing for Composition Scheme till 16th August 2017 - H&R Block| Blog

Government Extends Date of Filing for Composition Scheme till 16th August 2017

Impact of GST on the Growth of Digital Advertising Industry
August 4, 2017
Common Errors Encountered in Saving the Data to GSTN Through Excel
August 9, 2017
Show all

Government Extends Date of Filing for Composition Scheme till 16th August 2017

The government has extended the deadline by almost four weeks, that is, until 16th August, for small businesses to opt for the composition scheme under the GST regime. Earlier the last date for an option for this scheme in the Good and Services Tax was 21st July 2017, for small businesses whose turnover was up to Rs 75 lakh.

This step has been taken to ease the burden of the provisionally migrated small taxpayers who are going to opt to pay taxes under the composition scheme. Businesses that are opting for this scheme will face a less compliance burden as they will be required to file the return every once in a quarter as compared to other businesses who will be required to file returns monthly. The government has become aware of the concerns of the taxpayers, especially small taxpayers, that is arising due to the transition to GST regime from 1st July 2017.

If a taxpayer wants to opt for the composition scheme can do so by logging into his account in the GST portal (www.gst.gov.in) and then click on to the ‘Application to opt for Composition scheme’ under the ‘Services’ menu. Further to opt for this scheme, he will have to fill up Form GST CMP-01.

The scheme is beneficial for the traders, manufacturers and restaurants as they will be liable to pay taxes at one percent, two percent and five percent respectively, under the composition scheme. Moreover, if a taxpayer wants to cancel his GST registration, he can successfully do so by 30th September 2017, the finance ministry has said. It said that the taxpayers who were migrated provisionally, by virtue, of being registered under the existing laws, but now they are no longer required to be registered under GST regime, they can apply for Cancellation of Registration, which has also been extended till 30th September 2017.

More than 70 lakh excise, service and VAT taxpayers have migrated to the GSTN portal for filing their returns in the GST regime, which kick-started from 1st July 2017. Along with that, there is more than 8 lakh new taxpayers who have registered on the portal and these taxpayers can opt for the composition scheme during the time of registration in the GST regime.

Ankita Mathur
Ankita Mathur
Ankita is a CA by qualification and a tax advisor at H&R Block. She works as a senior advisor in the GST Centre of Excellence at H&R Block. She also specializes in matters of India & US individual taxes. Her job involves helping people understand their taxes in the most simplified ways and giving them sound advise on saving taxes.

9 Comments

  1. Anoop bhatia says:

    Kindly extend composition date up to 30th august to perfectly go through it

  2. Rajesh says:

    Kindly extend the composition date up to 30th august as it will take some time to understand it.

  3. jayesh bothra says:

    Kindly extend the composition date up to 30th august as it will take some time to understand it.

  4. bharathkumar says:

    we are wrongly filled Application to Opt for composition Levy instead of regular return filing. how I can changed composition levy to regular returns kindly do needful at earlist

  5. VIJAY says:

    HOW TO CANCELLED THE GST REGISTRTOIN

  6. g.b.swamy says:

    Actually GST returns wrong entry in, how to rectify these returns and also composition scheme july-sept returns last date and also how to cancelled the GST registration

  7. g.b.swamy says:

    composition scheme july-sept returns last date

Leave a Reply to Anoop bhatia Cancel reply

Your email address will not be published. Required fields are marked *