Composition Scheme Re-opened for Registered Taxpayers at GST Portal (GSTN); Also Registration for TDS/ TCS commenced
In line with the recommendations of 21st GST Council meeting, the GST Portal has re-opened the window, till 30 Sept. 2017, for taxpayers to opt for ‘composition scheme’ effective from 1 Oct. 2017. Also, the registration process for TDS/ TCS under GST has commenced at the GST Portal.
The new deadline to opt for ‘composition scheme’ is 30 Sept. 2017 and the scheme shall be effective from 1 Oct. 2017 and valid for current financial year 2017-18.
There was a pressing demand from taxpayers to re-open the Composition scheme, which was earlier closed on 16 Aug. 2017. Most of the aspirants could not avial the scheme due to technical glitches they faced at the GST portal. Now small taxpayesr can avial and use the simplified composition scheme which is meant for ease of compliance with features like quarterly returns filing instead of monthly returns, etc.
Option to switch over to composition scheme is available for all eligible taxpayers, e.g. those having turnover upto Rs. 75 lacs, etc., including who have migrated from Excise/ Service tax/VAT as well as for newly registered taxpayers.
Further, it may be noted that taxpayers switching to composition scheme shall be required to make compliance till 30 Sept. 2017 as normal taxpayers and are required to file monthly returns for each month upto Sept. 2017.
To apply for switching over to composition scheme, a registered taxpayer has to login at GST Portal and fill the “Application to opt for the composition scheme” available under the “Services” menu. After filing in the form, taxpayer can submit the same using Digital Signature/ E-signature/ Electronic Verification Code.
Besides, registration for TDS/ TCS has started at GSTN, however applicability date is yet to be notified for deduction/ collection of tax at source by taxpayers.