GST Composition Scheme Last Date opting for FY 2023-24

GST

09.01.2023: The functionality to opt-in for the composition scheme has been made available for FY 2023-24 in the Dashboard of taxpayers at Common Portal.

Therefore, the eligible taxpayers, who wish to avail of the composition scheme may opt-in for composition up to 31st March 2023.

Here is how to do it.

Regular taxpayers can opt for Composition Scheme for Financial Year 2023-24 by navigating as ‘Services-> Registration-> Application to Opt for composition Levy’ and filing Form CMP-02. This facility is available on GST Portal till 31st March 2023.

Who is Eligible for the Composition Scheme?

The Following Normal taxpayers, who don’t want to avail ITC facility, may opt for this scheme:

  • A person having aggregate turnover (at PAN level) up to Rs. 1.5 Crore in the previous FY.
  • The person having aggregate turnover (at PAN level) up to Rs. 75 lahks in the previous FY and who are registered in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura & Uttarakhand.
  • The person supplying services and/or mixed supplies having aggregate turnover of previous FY up to Rs. 50 lakhs.

Who is not eligible?

– any supply of goods that are not liable to be taxed under CGST Act

– inter-state outward supplies of goods

– supplies through electronic commerce operators who are required to collect tax under section 52.

– a manufacturer of notified goods

– a casual dealer

– a Non-Resident Foreign Taxpayer

– a person registered as Input Service Distributor (ISD)

– a person registered as TDS Deductor/Tax Collector

Read more About Composition Scheme under GST

How to opt for the Composition Scheme in GST?

The eligible registered taxpayers have to file FORM GST CMP-02 application, on or before 31st March 2022. This can be done after login on the GST portal. Here are the steps.

  • Click on Services > Registration > Application to opt for Composition Levy>Filing form GST CMP-02>File application under DSC/EVC
  • After the GST CMP-02 application form is filed, the composition scheme will be available to the taxpayer, w.e.f. 1st April 2022.
  • The existing taxpayers who already opted in for the composition scheme are not required to opt in again for FY 2022-2023.
  • Existing regular taxpayers from the previous FY, but are opting in for the composition scheme for 2022-23, must file Form GST ITC-03 for reversal of ITC on stocks of inputs, semi-finished goods, and finished goods available with them. This has to be done within 60 days from the effective date of opting.

Read more about the composition scheme

Composition Scheme Rules in GST?

The composition scheme comes with certain rules, eligibility criteria, and conditions. Therefore, the taxpayers must aware of the scheme before applying for a Composite scheme. more

Who is eligible for Composition Scheme?

The Composition Scheme is available to small taxpayers whose aggregate turnover did not exceed Rs. 1.5 crore in a previous financial year. more

Composition scheme limit for Restaurants

The GST has combined service tax and value-added tax (VAT) charged at restaurants. Thus, now the Air-conditioned restaurants attract GST at the rate of 18 percent on food bills. more

2021 Answers On Composition Scheme

Read the top 7 frequently asked questions, a section that covers the latest questions and answers on the composition scheme in 2021. The section includes how to convert from regular to composition scheme?. more

3 thoughts on “GST Composition Scheme Last Date opting for FY 2023-24

  1. I HAVE FILED GST CMP 02 AS ON 29.03.2018 FOR FY 2018-19. PLEASE CLARIFY THE PERIOD IN WHICH I HAVE TO FILE ITC 03.

    1. please read below:
      If I have opted to pay tax under composition , by when do I need to file GST ITC -03?
      – In case an intimation in Form GST CMP – 02 has been filed on or before 31st March, 2018, taxpayer shall furnish GST ITC -03 within a period of 180 (one hundred eighty) days from the day on which he commences to pay tax under composition.

      -In case an intimation in Form GST CMP -02 is filed after 31st March, 2018, taxpayer shall furnish GST ITC -03 within a period of 60 (sixty) days from the commencement of the financial year for which the option to pay tax under composition is exercised.

  2. GSTR 4 ANNUAL RERUN FOR THE PERIOD 2019-20 PLEASE EXTENTION REQUESTED THE PORTAL SHOWING LATE FEE PER DAY 100 /- PLEASE ALLOW TO TIME TO EXTENNTION FEB 2021

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