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:
- The application for opting-in composition scheme for the financial year, 2020-21 has been made available on GST Portal.
- 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 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.
- 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.
- Once CMP-02 application is filed, the composition scheme shall be available to the taxpayer w.e.f. 1st April 2020.
- 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