Taxpayers Must File Specific GST Forms to Opt for Composition Levy Scheme; Deadlines and Forms Clarified.

The Composition Levy under GST allows certain taxpayers to pay tax at a fixed rate on their turnover. To opt for this scheme, taxpayers must file an online application. Migrating taxpayers from previous laws must file FORM GST CMP-01 within 30 days of the appointed day. New taxpayers must indicate their choice in FORM GST REG-01, while existing taxpayers must file FORM GST CMP-02 before the financial year begins and submit FORM GST ITC-03 within 60 days. Notifications and circulars provide clarifications and extend deadlines for filing necessary forms to comply with the scheme requirements.

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