Form GST CMP – 02 is required to avail the process of filing under the Composition Scheme for the YR 2020-21.
Eligibility Criteria
Who can avail this Composition scheme:-
- Assesses who do not want an ITC Credit & having aggregate turnover (at PAN level) below Rs. 1.5 Crore in the previous financial year can apply to the above scheme
Process –
- To Apply on the GST Portal for the composition scheme for the financial year, 2020-21
- Businesses or Individuals being already in composition scheme in the previous financial year are not required to re-apply for composition again for FY 2020-2021.
- FORM GST CMP-02 for the application up needs to be filed on or before 31st March 2020 on the common portal.
Navigate on the GST Portal is as follows:
- Log-in>Services > Registration > Application to opt for Composition
- Levy>filing form GST CMP-02>file application under DSC/EVC.
- A composition scheme will be available w.e.f. 1st April 2020. to the taxpayer once the application is done on the portal.
Transition:-
For the compliance till date, taxpayers as regular assesses in the previous financial year & opting-in composition scheme for 2020-21 must file ITC-03 for reversal of ITC credit on stocks of Inputs, semi-finished goods and finished goods as per records within a period as prescribed.
Return /Payment
Businesses opting for composition shall file FORM GST CMP-08 quarterly & are required to pay GST.
They are also required to file GSTR-4 annually.
Latest Updates
- TDS Return Form 26Q: Due Dates, Applicability & Related FormsTDS Return Form 26Q: Due Dates, Applicability & Related Forms Form 26Q is a quarterly TDS return that must be filed by deductors when tax is deducted at source on payments made to resident individuals other than salaries. This includes deductions on professional fees, contractor payments, interest (excluding securities), dividends, commissions, and […]
- Have You Reported Your Foreign Assets in Your Income Tax Return?Have You Reported Your Foreign Assets in Your Income Tax Return? In an increasingly globalized world, it’s common for Indian residents to hold assets or earn income abroad. However, what many fail to realize is that the Indian Income Tax Act mandates disclosure of foreign assets and overseas income in the Income […]
- A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25 Filing your Income Tax Return (ITR) is not just about fulfilling a legal formality—it’s a vital part of your financial discipline. Every individual earning income in India is required to declare their income, deductions, and taxes paid during the financial […]
- Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax RulesFaking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules New ITR-1 and ITR-4 Mandate Detailed Proof for Claims to Curb False Deductions Paying taxes accurately and on time isn’t just a legal obligation—it fuels public welfare and national development. To ensure compliance, the Income Tax Act prescribes […]
- Aadhaar OTP a Must for PAN Registration: New Income Tax Portal RuleNew PAN Registration Rule: Aadhaar OTP Verification Made Mandatory In a significant update, the Income Tax Department has introduced a mandatory Aadhaar-based OTP verification step for individuals registering their Permanent Account Number (PAN) on the official e-filing portal — www.incometax.gov.in. This change is designed to enhance security and ensure that only genuine users […]