GST Composition Scheme

GST on exempt supplies by Person registered under composite levy

Goods and Services Tax - Section 10 (Composition levy) of CGST ACT states – Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees (one crore and fifty lakh rupees w.e....

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Can Second Hand Dealer Opt for GST Composition Scheme

Goods and Services Tax - Normally Value of supply of goods or services or both shall be transaction value; however, in respect of second hand goods, a person dealing is such goods may be allowed (option) to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the […]...

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Annual Aggregate Turnover Computation Methodology under GST

Goods and Services Tax - Annual Aggregate Turnover Computation Methodology-Article explains Calculation of Number of GSTR- 3B eligible or liable to filed, Calculation of Number of CMP-08 eligible or liable to be filed, Extracted GSTIN-wise Number of GSTR- 3B filed and Turnover declared in GSTR-3B, Extracted GSTIN- wise Number of CMP-08 filed and Outward supply de...

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How to Opt for Composition Levy (FORM GST CMP-02)

Goods and Services Tax - What are the steps involved in applying to Opt for the Composition Levy on the GST Portal? To opt for the Composition Levy on the GST Portal as an existing taxpayer, perform following steps: 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. Login to the GST Portal by entering your login credentials. […]...

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Manual Online Procedure to Opt for Composition Levy & File CMP 02

Goods and Services Tax - How to file GST form CMP 02 online on the GST Portal? The steps to opt for composition scheme under GST are as follows: To opt for composition levy access the URL https://www.gst.gov.in/. The GST Home page will be displayed. In case of New Registration: 2. Log into the GST Portal by entering your login Credentials. […]...

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Opt GST Composition Scheme for FY 2021-22 by 31.03.2021

Goods and Services Tax - Attention: Functionality to opt in for composition has been made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to 31st March 2021. Source- gst.gov.in Also Read- How to Opt for GST Composition Levy with FAQs […]...

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Composition Taxpayers can now file NIL statement through SMS

Goods and Services Tax - Goods and Services Tax Network (GSTN), the IT backbone of GST system, has launched the facility of filing of NIL statement for Composition Taxpayers. With this, Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to b...

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Extend all due dates under GST- Solve Issues in GST

Goods and Services Tax - Association of Tax Practitioners, Ernakulam has made a representation to Principal Commissioner (GST) and highlighted Difficulty faced by GST Tax Practitioners, in implementing directions contained in Circular No.142/12/2020-GST dated 09.10.2020, Failure of GST Portal Services and may other issues. They also requested to extend all due da...

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New GST functionalities for TCS & Composition taxpayers

Goods and Services Tax - New functionalities made available for TCS and Composition taxpayers 1.Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 ♣ Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same were rejected by them in the said form, the TCS (e-commerce operators) [&hel...

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Filing Form GSTR-4 Annual Return by Composition Taxpayers

Goods and Services Tax - Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal 1. What is Form GSTR-4 Annual Return: – With effect from 1st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on annual basis, for each financial year. 2. Who are required to file Form GSTR-4 Annual Return: All registered [&...

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Reconsider decision of exclusion of Ice Cream from Composition Scheme: HC directs GST Council

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) - Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble High Court direct the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Section 10(1) of the Act, including on the afore...

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AAR Ruling on Applicability of GST Composition Scheme & Applicable Tax Rate

In re Empathic Trading Centre (GST AAR Karnataka) - In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of the CGST Act, 2017 if the turnover of services of the applicant does not exceed ten per cent of turnover in a State or Union territory in the preceding financial year or...

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Supply of goods or services for ‘setting up of network’ is Composite supply

In re Sterlite Technologies Limited. (GST AAR Maharashtra) - The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Services Tax Act, 2017....

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Benefit of Composition Scheme can’t be denied for procedural deficiency

Bridge & Roof Company (I) Ltd. Vs. CCE (CESTAT Delhi) - While hearing the case of Bridge & Roof Company Limited vs. CCE, Delhi bench of the Customs Excise & Service Tax Appellate Tribunal held that the benefit of the composition scheme cannot be denied to an assessee who has entered into contracts prior to 1.07.2007. ...

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Late fees capped at Rs. 500 for delay in filing Form GSTR-4

Notification No. 67/2020-Central Tax [G.S.R. 572(E)] - (21/09/2020) - Late filling fees in case of delayed filing of GSTR-4 for the period July 2017 to March 2019 has been waived off fully in case of NIL tax liability and restricted to Rs. Rs 500 (Rs. 250 CGST + Rs. 250 SGST) per return in other case if Assessee furnishes the said return between the […]...

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CBIC amends GST Rates under GST Composition Scheme

Notification No. 50/2020-Central Tax/G.S.R. 403(E) - (24/06/2020) - CBIOC notifies  Central Goods and Services Tax (Seventh Amendment) Rules, 2020 and amended Rules 7 of the CGST Rules 2017  with a new entry for Composition tax payers who are providing services will be taxed at rate of 6% (CGST – 3% & SGST/UTGST – 3%) vide Notification No. 50/2020-Cent...

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GST Composition Scheme for FY 2020-21 can be opted till 30.06.2020

Notification No. 30/2020-Central Tax [G.S.R. 230(E)] - (03/04/2020) - Notification No. 30/2020- Central Tax, dated 03.04.2020- Amendment in the CGST Rules so as to allow taxpayers opting for the Composition Scheme for the financial year 2020-21 to file their option in FORM CMP-02 till 30th June, 2020 and to allow cumulative application of the condition in rule 36(4) f...

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Last date for filing of CMP-08 extended to 22nd October 2019 (Read Notification)

Notification No. 50/2019–Central Tax [G.S.R. 809(E).] - (24/10/2019) - Due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter July, 2019 to September, 2019, or part thereof, shall be the 22nd day of October, 2019....

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UTGST: Manufacturers of aerated waters excluded from purview of composition scheme

Notification No. 18/2019- Union Territory Tax (Rate) [G.S.R. 722(E).] - (30/09/2019) - Seeks to amend notification No 2/2019- Union territory Tax (Rate) dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 18/2019-Union Territory Tax (Rate) dated 30th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPAR...

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Recent Posts in "GST Composition Scheme"

GST on exempt supplies by Person registered under composite levy

Section 10 (Composition levy) of CGST ACT states – Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees (one crore and fifty lakh rupees w.e....

Read More

Reconsider decision of exclusion of Ice Cream from Composition Scheme: HC directs GST Council

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi)

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble High Court direct the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Section 10(1) of the Act, including on the aforesaid two parameters i.e. the components ...

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Opt GST Composition Scheme for FY 2021-22 by 31.03.2021

Attention: Functionality to opt in for composition has been made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to 31st March 2021. Source- gst.gov.in Also Read- How to Opt for GST Composition Levy with FAQs […]...

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Can Second Hand Dealer Opt for GST Composition Scheme

Normally Value of supply of goods or services or both shall be transaction value; however, in respect of second hand goods, a person dealing is such goods may be allowed (option) to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the […]...

Read More

Annual Aggregate Turnover Computation Methodology under GST

Annual Aggregate Turnover Computation Methodology-Article explains Calculation of Number of GSTR- 3B eligible or liable to filed, Calculation of Number of CMP-08 eligible or liable to be filed, Extracted GSTIN-wise Number of GSTR- 3B filed and Turnover declared in GSTR-3B, Extracted GSTIN- wise Number of CMP-08 filed and Outward supply de...

Read More

How to Opt for Composition Levy (FORM GST CMP-02)

What are the steps involved in applying to Opt for the Composition Levy on the GST Portal? To opt for the Composition Levy on the GST Portal as an existing taxpayer, perform following steps: 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. Login to the GST Portal by entering your login credentials. […]...

Read More

Manual Online Procedure to Opt for Composition Levy & File CMP 02

How to file GST form CMP 02 online on the GST Portal? The steps to opt for composition scheme under GST are as follows: To opt for composition levy access the URL https://www.gst.gov.in/. The GST Home page will be displayed. In case of New Registration: 2. Log into the GST Portal by entering your login Credentials. […]...

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How to Opt for GST Composition Levy with FAQs

You can opt for the Composition Levy if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified time to time....

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Composition Taxpayers can now file NIL statement through SMS

Goods and Services Tax Network (GSTN), the IT backbone of GST system, has launched the facility of filing of NIL statement for Composition Taxpayers. With this, Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to b...

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Composition Scheme: Evolution

Government of India introduced Goods and Services Tax, popularly known as GST to replace all indirect taxes w.e.f. 1st July, 2017. In GST regime, traders and dealers are required to fulfill many formalities and compliance but it is not problematic for small dealers to comply with all norms when compared to large ones. Thus, for the conven...

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