Window to opt for Composition Scheme has been made available on the official GST portal for the year 2022-23. Eligible taxpayers can apply before 31st March 2022. GST enables a new facility for filing LUT (Letter of Understanding) for the financial year 2022-23. Module wise new functionalities...
To opt into the scheme, the business must file form GST CMP – 02 with the government, using the onlineGSTN portal. The indication to remain in the scheme must be made before every financial year (FY). For the FY 2019-20, the last date to apply for the composition scheme is March 3...
2. Composition Scheme GST Registration The composition scheme for GST registration is designed for small businesses or taxpayers with a turnover of less than Rs. 1.5 crore. This scheme simplifies compliance with minimal paperwork and fewer GST returns to file. Additionally, it allows businesses to ...
Non-eligibility for Composition Scheme Update: Late fees for delay in filing GSTR-4 for FY 2021-22 shall be waived till 28 July 2022. Due date of CMP 08 for June 2022 quarter is extended from 18th July to 31st July With effect from 18th July, 2022, the registered person shall not be...
Composition Scheme 18th Day of the Month Following the Quarter Non-Resident Taxpayer 13th Day of the Next Month Input Service Distributor 13th Day of the Next Month TDS Deductor 10th Day of the Next Month TCS Collector 10th Day of the Next Month Interest on Late Payment of GST Late payment...
Composition Scheme GST Payment & Refunds Time, Place & Value of Supply Impact of GST New GST Returns GST Fundamentals E-Invoicing in GST e-Invoicing is a critical aspect of GST. Invoicing practices have been quite an industry-specific. Despite the proprietary ways of preparing invoices, unified...
Businesses registered with Composition Scheme Auto-drafted returns Tax Invoice Types of GST Returns (based on the New GST Law) There are 3 categories that broadly classify the GST returns. Here is a comprehensive list of the types of GST Returns: ...
Penalty for delay in filing GST returns Late fee is Rs 100 per day under the CGST Act & Rs 100 under the SGST Act. So, a total penalty of Rs 200/day will apply up to a maximum of Rs 5,000. Penalty for opting for composition scheme even though the business is not eligible In cas...
A uniform tax rate of 1% has been proposed for composition scheme for both traders and manufacturers. For traders, the tax will be applied only on the turnover of the taxable goods and not on total turnover. However, in order to decide the eligibility under the composition scheme, total tu...
在2019年1月10日举行的第32次GST理事会会议上,为了有益于商品的组合方案(Composition Scheme),使印度中小企业GST组合方案进一步发挥效用,印度政府提高了营业额上限,并将该计划扩大到包括服务提供商的范围。 新规定将于2019年4月1日起生效。 下面,我们将介绍最新的服务GST及服务税构成制度、资格标准以及企业参与的挑战...