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Composition Scheme under GST is a scheme which offers comparatively lesser compliance activity, as well as a flat rate GST tax rate for small businesses. Thus, it is important for businesses to be clear about, what is composition scheme under GST.
Any person being granted registration on a provisional basis (i.e. the person was registered under VAT, Service Tax or Central Excise etc.) and who opts for the GST Composition Scheme, shall file an intimation in Form GST CMP-01, duly signed, before or within 30 days of the appointed date. Form GST CMP- 03 must also be filed within 60 days of the exercise of option, mentioning details of stock and containing details of inward supply of goods received from unregistered persons held by him on the date preceding the day of exercise of the option. As per the latest updates, the due date to file form GST CMP-03 is extended till 31st January 2018.
For fresh registrations under the GST Composition Scheme, an intimation in Form GST REG- 01 must be filed.
Every person who registered under GST as a regular dealer, but then opted to pay taxes under the GST Composition Scheme, must provide an intimation in Form GST CMP – 02, communicating his wish to exercise this option, and also, furnish a statement in Form GST ITC-3, containing details of ITC relating to inputs lying in stock, inputs contained in semi-finished or finished goods - within 60 days of commencement of the relevant financial year. However, as per the latest updates, Form GST ITC-03 must be submitted within 90 days from the date of start of the GST composition levy. Also, it is essential to file GST TRAN-1 before Form GST ITC-03 is furnished.
Alternatively, in case a dealer wants to move from composition to regular, he needs to:
The option to pay tax under the GST Composition Scheme shall be effective as follows:
The following taxable persons cannot opt for the composition scheme under GST:
A business will need to comply with the following GST composition rules:
A GST composition scheme dealer is required to file a quarterly composition return form i.e. Form GSTR-4 by the 18th of the month after the end of the quarter. Also, an annual composition return form i.e. Form GSTR-9A has to be filed by the 31st of December of the next financial year. All these forms must be duly signed and filed electronically on Common Portal, either directly or through a Facilitation Centre notified by the Commissioner. As per the latest notifications, the late fees for failure to furnish returns in Form GSTR-4 by the composition scheme last date have been waived off to the extent of the amount in excess INR 50 per day for every day the failure continues. In case of the filing of NIL Returns in Form GSTR-4, the late fees for failure to furnish return by the composition scheme last date, have been waived off to the extent of the amount in excess of INR 20 per day for every day the failure continues.
Payment Declaration Form – GST PMT – 08: Definition, Format and Rules