Procedure for Registration of Composition Scheme in GST
Goods and Services Tax (GST) is set to bring a new regime of business compliance in India. Now-a-days, large organizations have resources as well as the expertise in order to address these requirements. On the other side, many Start-ups and Small and Medium Enterprises (SMEs) struggles in order to complete these provisions. To resolve such kind of scenarios, the government has introduced a Composition Scheme under GST.
(a) The person will file an intimation in FORM GST CMP-01,
The form GST CMP-01 must be filed before or within 30 days from the appointed day.
what if form GST CMP-01 filed after 30 days from the appointed date?
The registered person shall issue,
- Bill of supply from the appointed date,
- will not collect taxes
(b) Furnish the details of stock in FORM CMP-03 within a period of 90 days from the date on which the option for composition levy was opted.
Form CMP-03 will also include inward supplies from unregistered person.
The person will file FORM GST REG-01, which will be treated as intimation for paying tax under composition scheme.
(a) The person will file an intimation in FORM GST CMP-02 on GST common portal, prior to the commencement of the financial year for which the option to pay tax under composition scheme is exercised.
(b) The person shall furnish the statement in FORM GST ITC -03 within a period of 60 days from the commencement of relevant financial year for details of ITC relating to inputs lying in stock, inputs contained in semi-finished or finished goods.
Any intimation given in FORM GST CMP-01, GST CMP-02 and GST CMO-03 in respect of ny place of business in any State or Union territory shall be deemed to be an intimation in respect of all other places of business registered on the same Permanent Account Number.
Effective Date for Composition Levy
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