Advisory for Opting in for Composition – Filing of Form GST-CMP-02 for the Financial Year 2020-21 w.e.f. 1st April 2020
- On February 19, 2020
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To help you with the filing of form GST-CMP-02 for the Financial Year 2020-21, here we are we the advisory for opting in for composition. all this filing in the process will come into effect from 1st April 2020.
Let’s not waste another minute and get started with it.
- Who all can opt-in for Composition:
All the existing eligible and registered taxpayers can opt-in for composition by filling up Form GST CMP-02 for the financial year 2020-21. Your composition scheme would be effective from 1st April 2020.
- Steps to opt-in for Composition:
A registered taxpayer can apply for composition after login. The navigation to apply for composition is mentioned below-
- Log in to the Taxpayers’ Interface.
- Go to Services > Registration > Application to opt for Composition Levy
- Fill the form as per the form specification rules.
- Click on Submit.
- Submission of Stock Intimation Details:
The taxpayers opting in for composition are needed to file stock intimation details. To have more details, click the link: https://tutorial.gst.gov.in/userguide/compositionpoc/index.htm
- Who comes under eligible taxpayers:
Eligible taxpayers are the ones who can opt for Composition Levy if they are a regular taxpayer with an aggregate annual domestic PAN-based turnover, less than as specified from time to time as mentioned below:
- Rs. 1.5 Crore for normal taxpayers.
- Rs. 75 lakh in the case of an eligible registered person, registered States, namely: –(i) Arunachal Pradesh, (ii) Manipur, (iii) Meghalaya,(iv) Mizoram,(v) Nagaland,(vi) Sikkim,(vii) Tripura,(viii) Uttarakhand.
- For taxpayers dealing in only services or mixed supplies, this quantum is Rs. 50 Lakh.
- Who comes under non-eligible taxpayers:
Below-mentioned taxpayers cannot opt for the Composition Levy conditionally they are involved in or making of –
- any supply of goods which are not liable to be taxed under this Act.
- inter-state outward supplies of goods.
- supplies through electronic commerce operators who are required to collect tax under section 52.
- a manufacturer of notified goods.
- a casual dealer.
- a Non-Resident Foreign Taxpayer.
- a person registered as Input Service Distributor (ISD).
- a person registered as TDS Deductor/Tax Collector.
- Return or Payment:
All composition taxpayers are required to file Form GST CMP-08 quarterly.
For more information, go to – https://tutorial.gst.gov.in/userguide/returns/index.htm#t=Manual_CMP02.htm
