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

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more