#compositionscheme

• HOW CAN A TAXPAYER OPT FOR COMPOSITION? To opt for Composition Scheme a Taxpayer has to file FORM GST CMP-02. This can be done online. Also, furnish a statement in FORM ITC-03 within 60days of filing GST CMP-02 to declare ITC claimed earlier that has to be reversed.

A taxpayer who wanted to opt for Composition scheme for a Financial Year during middle of such financial year then such person has to inform the GOVERNMENT about their choice. They also required to file GST CMP-02.

If filed the rules applicable will be same and applicable from month immediately succeeding the month in which FORM GST CMP-02 filed.

For example: - if one file form in month of MAY the same will be applicable from JUNE.

• PROCEDURE FOR FILING FORM GST CMP-02:- • LOGIN TO GST PORTAL • GO TO SERVICES • REGISTRATION • CLICK ON APPLICATION TO OPT FOR COMPOSITION LEVY • ON THIS WINDOW READ COMPOSITION DECLARATION & VERIFICATION AND TICK ON TICKBOX. • CHOOSE AUTHORISED PERSON & ENTER PLACE & DO SAVE. • IF YOU WANT TO SUBMIT AT THAT TIME, THEN; o SUBMIT IT WITH DSC/EVC/E-SIGNATURE. • IF YOU WISH TO SUBMIT IT LATER, THEN; o LOGIN - SERVICES -USER SERVICES -MY SAVED APPLICATION - AND SUBMIT WITH DSC/EVC/E-SIGNATURE. • AFTER THIS,ONE POPUP WILL BE OPEN • CLICK TO PROCEED • ACKNOWLEDGEMENT WILL BE GENERATED. • FORM GST CMP-03:-

After submitting FORM GST CMP-02, stock details are required to be submitted with FORM GST CMP-03 in which following details need to be intimated:

• Details of STOCK held • Inward supply of GOODS received from unregistered person held by him person who fill above forms on the date preceding the day of exercise of option. • RETURNS:- The payment can be done quarterly with declaration and return will be filed annually.

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COMPOSITION SCHEME • WHAT IS COMPOSITION Scheme in GST :- MEANS: - Composition scheme defines a specified criteria under which eligible and opted person pay tax on specified rates. • WHAT IS ELIGIBILITY CRITERIA:- ELIGIBILITY: - Following are the eligibility criteria for composition scheme: • Whose turnover less than 1 crore (as amended 1.5 crores applicable from 1.04.2019) • FOR special category states* turnover less than 75 lakhs. • FOR service providers (restaurant related only), turnover less than 50 lakhs. WHO CAN NOT OPT FOR COMPOSITION:- • SUPPLIER OF SERVICES other than restaurant related services. • Manufacturer of NOTIFIED GOODS (i.e. ice cream, pan masala, tobacco). • Making INTER-STATE supply. • Casual taxable person, NoN-Resident taxable person. • Business which supply goods through E-Commerce operator. CONDITIONS TO BE SATISFIED:- • NO Input Tax Credit will be allowed. • Can’t Supply GST exempted Goods. • Taxpayer has to pay tax at Normal Tax on Reverse charge mechanism. • If a taxable person has different segment of business (such as textile, electronic, groceries etc.) under same PAN, must opt for all. • Mention ‘COMPOSITION TAXABLE PERSON’ on every signboard/notice displayed at their PLACE OF BUSINESS. • Mention ‘COMPOSITION TAXABLE PERSON’ on every Bill of Supply. • CAN’T Issue tax invoice, issue bill of supply. 

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