Goods and Services Tax Network (GSTN), the apex body which manages the entire IT system of the GST portal, announced on Sunday that the registration window for the Composition Scheme will be opened till September 30. Under this scheme, small scale taxpayers — whose turnover is less than INR 75 lakh — are given the freedom to file returns quarterly which frees them from the burden of monthly filing and documentation.
“Many taxpayers who migrated after August 16 could not avail this facility as it was open till August 16, 2017 only. To make this facility available to all those who could not opt for Composition, the facility has been opened again by the GST Council. This is also open to those who registered afresh under GST but did not avail the facility at the time of registration,” the GSTN said in the announcement.
“Any person who has been granted registration on a provisional basis or regular basis and has turnover not exceeding ₹75 lakh, and who wishes to opt for the composition levy under section 10 of the Act, is required to electronically file an intimation, duly signed or verified through electronic verification code, at the GST portal on or before September 30, 2017,” said Prakash Kumar, CEO of the Goods and Services Tax Network.
“The composition scheme has been designed to simplify and reduce the burden of compliance for smaller taxpayers. Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter,” added Mr. Kumar.