GST Network said SMEs with earnings of up to Rs.75 lakh have time to decide for composition scheme under the Goods and Service Tax regime by 21July 2017.
A GSTN statement stated that taxpayers are required to access their account at the GST Portal www.gst.gov.in and select Application to select for the Composition Scheme under Services menu, to opt for GST composition scheme.
GSTN Chairman Navin Kumar said, Any person who has been granted registration on a provisional basis and has turnover not exceedingRs.75 lakh, and who wishes to opt for the composition levy, is required to electronically file intimation, duly signed or verified through EVC, at the GST portal on or before July 21, 2017.
Businesses going for composition scheme will be benefitted because they get lesser compliance burden as they will have to file returns only once in a quarter as against monthly returns to be filed by other businesses.
More than 69 lakh excise, VAT and service taxpayers have drifted in GSTN portal for filling in returns. Also, there are over 4.5 lakh new taxpayers who have registered in the portal.
After form submission and completion, the enrolled taxpayer will be issued the final Certificate of Registration which would mark the completion of migration under GST.
Kumar said, A period of three months is allowed to complete the enrolment procedure by September 22, 2017. In the interim, they can issue tax invoice using the provisional ID already allotted to them.