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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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

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