Skip to main content

GSTN reopens window for composition scheme

By
GSTN reopens window for composition scheme
The GST Network (GSTN) on Sunday said it has reopened the facility for small taxpayers with turnover of up to Rs 75 lakh to opt for composition scheme.

Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly.

Taxpayers were earlier given time till August 16 to opt for composition scheme.

But, only 10.86 lakh tax payers, out of total 85 lakh registered businesses opted for the scheme.

In a statement, GSTN said the window will be open for those assessees who have migrated from the earlier excise/ service tax/VAT regime as well as for new registered taxpayers.

"To make this facility available to all those who could not opt for Composition, the facility has been opened again," it said.

The GST Council had last week decided to reopen the window for allowing taxpayers to opt for the scheme.

Those who opt for composition scheme during this period will get this facility from October 1 for the current financial year.

"For the period prior to October 1, the taxpayers will be treated as normal taxpayer and will have to file monthly return for the period till September 30, 2017," GSTN said.

GSTN CEO Prakash Kumar said that the composition scheme has been designed to simplify and reduce the burden of compliance for smaller taxpayers.

To opt for the scheme, the taxpayer needs to log into his account at the GST Portal www.Gst.Gov.In and select the "Application to opt for the composition scheme" under the "Services" menu.

After filling in the form, he has to submit the application using Digital Signature or E-signature or Electronic Verification Code, GSTN said.

The Business Standard , New Delhi, 18th September 2017

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more