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GST Composition Scheme Rules

The GST Composition Scheme Rules are as follows:

  • The composition taxpayer who wants to opt for the composition scheme has to file an intimation in Form GST CMP-02 on the GST portal before the beginning of the financial year.

  • The taxpayer with provisional registration under GST and opts for the composition scheme must file an intimation in Form GST CMP-01 within 30 days of the appointed date (i.e., 1st July 2017).

  • The taxpayer has to pay an amount equal to the input tax credit on the stock of goods held on the day immediately preceding the date of exercise of the option, calculated in the prescribed manner. The taxpayer has to file a statement in Form GST ITC-03 within 60 days of the commencement of the relevant financial year.

  • The composition GST taxpayer has to mention “composition taxable person” on every signboard or notice displayed at the place of business and on every bill of supply issued by him/her.

  • The taxpayer must submit a quarterly return through Form GSTR-4 by the 18th of the month following that quarter.

  • The return should contain the details of the turnover, tax payable, tax payment, and other prescribed particulars.

  • The has to file an annual return in Form GSTR-9A by 31st December following the end of the financial year. The return should contain the details of the turnover, tax payable, tax payment, and other prescribed particulars.

  • The taxpayer has to pay the tax due along with the return. They can pay the tax by using the electronic cash ledger or the electronic credit ledger, if available.

  • Taxpayers do not need to keep and maintain detailed books of accounts and records as a normal taxpayer prescribes. However, they have to maintain a correct account of the production or manufacture of goods, the inward and outward supply of goods or services, the stock of goods, the tax payable and paid, and other relevant particulars.

FAQ

The composition taxpayer who wants to opt for the composition scheme has to file an intimation in Form GST CMP-02 on the GST portal before the beginning of the financial year.

  • The taxpayer with provisional registration under GST and opts for the composition scheme must file an intimation in Form GST CMP-01 within 30 days of the appointed date (i.e., 1st July 2017).

  • The taxpayer has to pay an amount equal to the input tax credit on the stock of goods held on the day immediately preceding the date of exercise of the option, calculated in the prescribed manner. The taxpayer has to file a statement in Form GST ITC-03 within 60 days of the commencement of the relevant financial year.

  • The composition GST taxpayer has to mention “composition taxable person” on every signboard or notice displayed at the place of business and on every bill of supply issued by him/her.

  • The taxpayer must submit a quarterly return through Form GSTR-4 by the 18th of the month following that quarter.

  • The return should contain the details of the turnover, tax payable, tax payment, and other prescribed particulars.

  • The has to file an annual return in Form GSTR-9A by 31st December following the end of the financial year. The return should contain the details of the turnover, tax payable, tax payment, and other prescribed particulars.

  • The taxpayer has to pay the tax due along with the return. They can pay the tax by using the electronic cash ledger or the electronic credit ledger, if available.

  • Taxpayers do not need to keep and maintain detailed books of accounts and records as a normal taxpayer prescribes. However, they have to maintain a correct account of the production or manufacture of goods, the inward and outward supply of goods or services, the stock of goods, the tax payable and paid, and other relevant particulars.

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Tap Invest
Sector 2, HSR Layout
Bengaluru - 560102

The Company is an intermediary platform facilitating transactions in financial products. The information comprised herein is merely for information purposes and are subject to verification by investors. Investors are advised to refer and read carefully the offer documents.

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