Should I opt for Composition Scheme under GST for FY 2020-21 ??
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.
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