Modify Search

Government extended deadline for businesses to register under GST.

24, July, 2017


The Indian government has extended the deadline till August 16 for businesses to opt for composition scheme under the GST regime.

"With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the composition scheme, it has been decided to extend the time limit for filing intimation for composition levy up to August 16, 2017," the finance ministry said in a statement.

Small businesses with turnover of up to Rs 75 lakh were earlier given time till July 21 to opt for the scheme in the Goods and Services Tax regime.

The government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from July 1, 2017, the ministry said.

To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select 'Application to opt for the Composition Scheme' under 'Services' menu. They have to fill up the Form GST CMP-01 to opt for the scheme.

Under composition scheme, traders, manufacturers and restaurants can pay tax at 1 per cent, 2 per cent and 5 per cent, respectively.

The ministry further said taxpayers willing to cancel their GST registration can do so till September 30,2017.

"Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is being extended up to September 30, 2017," it said.

There are over 70 lakh excise, VAT and service taxpayers who have migrated to the GSTN portal for filing returns in the GST regime which kicked in from July 1.

Besides, there are over 8 lakh new taxpayers who have registered on the portal. These new registered taxpayers can opt for the composition scheme at the time of registration.

 

Source: www.news18.com


Propfrill.com ( GTF Technologies ) shall neither be responsible nor liable for any inaccuracy in the information provided here and therefore the customers are requested to validate the information from the respective developers before making their decision for purchase of properties. The information provided herein have been collected from publicly available sources, and is yet to be verified as per RERA guidelines.*

Click here to go through our terms of use as per RERA guidelines.
Unit of GTF Technologies
Disclaimer: Propfrill.com is a platform which acts a medium for allowing people having converging interests involving real estate transactions, namely the buyer/tenant and owner/broker.Propfrill.com is merely a preliminary medium of contact and exchange of information, users are strongly advised to have independent third party verifications (whether marked verified or not) prior to proceeding with any transactions involving real estate. The onus of finding a genuine property, be it for purchase or rental purpose, lies on the user. This website is meant only for information purposes. It should not be considered/ claimed as an official site...    Read More...