The GST Network has reopened the facility for small taxpayers with turnover of upto 75 lakh rupees 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. The window will be open for those tax payers who have migrated from the earlier excise, service tax ot VAT regime as well as for new registered taxpayers. 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. 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.