Advisory on Opting-in Composition Scheme for 2020-21

news details

Advisory on Opting-in Composition Scheme for 2020-21

Overview : <h4 data-ng-bind="news.title" style="font-family: verdana, " helvetica="" neue",="" helvetica,="" arial,="" sans-serif;="" line-height:="" 1.1;="" color:="" rgb(33,="" 33,="" 33);="" margin-top:="" 10px;="" margin-bottom:="" font-size:="" 18px;"="">Advisory on Opting-in Composition Scheme for 2020-21 by filing FORM GST CMP-02</h4><div><br></div>

A. How to opt-in Composition Scheme:

  1. The application for opting-in composition scheme for the financial year, 2020-21 has been made available on GST Portal.
  2. 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.
  3. The eligible registered taxpayers, who want to opt-in for composition scheme for the Financial Year 2020-2021, may file FORM GST CMP-02 application up to 31st March, 2020 on common portal.
  4. The taxpayers should navigate as follows:
    • Log-in>Services > Registration > Application to opt for Composition Levy>filing form GST CMP-02>file application under DSC/EVC.
  5. Once CMP-02 application is filed, the composition scheme shall be available to the taxpayer w.e.f. 1st April 2020.
  6. The taxpayers who were a regular taxpayers in 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

For More Information

Email : [email protected]

Phone : 01141623205, 9990061912

offer.png