A big decision regarding GST composition scheme
Taking an enormous decision, the govt has given relief to the traders related to the GST Composition Scheme. Now, the businessmen related to this may need to pay annual returns rather than quarterly.
Big news has come for businessmen who cash in of GST Composition Scheme. the govt has given relief to the traders related to the GST composition scheme. Now, these traders can fill annual returns rather than quarterly. At an equivalent time, the annual GSTR-4 filing deadline for FY19-20 has increased. The deadline for the annual GSTR-4 filing has been 31 August 2020. allow you to know that any service provider paying GST can decide by July 31 whether to register himself within the composition scheme of GST. All service providers doing business up to 50 lakhs can register themselves within the composition scheme of GST.
On 1 April 2019, the GST Council gave a choice to all service providers eligible for the composition scheme to register themselves within the composition scheme by 30 April 2019. Now this date has been extended to 31 July. After getting registered in GST composition scheme, those service providers will need to pay GST at the speed of 6 percent. Explain that under GST, most services are taxed at 12 percent and 18 percent.
The composition scheme for the primary manufacturer was – the Central Board of tax and Customs (CBIC) said within the circular that such suppliers who want to choose composition scheme will need to fill the shape GST CMP-02. they need to fill this type by 31 July 2019. Earlier, the CBIC had set the last date of April 30, 2019, to choose the composition scheme.
Till now, the GST composition scheme was available only to traders and makers whose annual turnover is up to Rs 1 crore. This limit has been increased to Rs 1.5 crore from April 1.
Under the scheme, traders and makers need to pay just one percent GST on goods. By the way, these goods attract a GST of 5 percent, 12 percent, or 18 percent. Such dealers aren’t allowed to gather GST from their consumers. Out of 1.22 crore companies and traders registered under GST, 17.5 lakh have opted for the GST composition scheme.