The Goods and Services Tax Network on Sunday announced the opening of the registration window for the Composition Scheme again till September 30.
Under the Scheme, small taxpayers with a turnover of ₹75 lakh can file quarterly returns instead of the normal monthly returns.
“Many taxpayers who migrated after August 16 could not avail this facility as it was open till August 16, 2017 only,” the GSTN said in a release. “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.”
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“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,” Prakash Kumar, CEO of the GSTN said.
“The composition scheme has been designed to simplify and reduce the burden of compliance for smaller taxpayers,” Mr. Kumar added. “Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter.”