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TMI BlogOpting-in for Composition Scheme for Financial year 2021-22X X X X Extracts X X X X X X X X Extracts X X X X ..... Opting-in for Composition Scheme for Financial year 2021-22 X X X X Extracts X X X X X X X X Extracts X X X X ..... tration > Application to opt for Composition Levy>Filing form GST CMP-02>File application under DSC/EVC * Once Form GST CMP-02 application is filed, the composition scheme will be available to the taxpayer, w.e.f. 1st April 2021. * The taxpayers already opted in for composition scheme earlier are not required to opt in again for FY 2021-2022. * Taxpayers who were regular taxpayers in previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s FY, but are opting-in for composition scheme for 2021-22, must file Form GST ITC-03 for reversal of ITC on stocks of inputs, semi-finished goods and finished goods available with them, within 60 days from the effective date of opting in. 2. Who is eligible for opting-in for Composition Scheme:- Following Normal taxpayers, who don't want to avail ITC facility, may opt for this scheme: * having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aggregate turnover (at PAN level) upto ₹ 1.5 Crore in the previous FY. * having aggregate turnover (at PAN level) upto ₹ 75 lakh in the previous FY and who are registered in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura & Uttarakhand. * supplying services and/or mixed supplies having aggregate turnover of previous FY upto ₹ 50 lakhs. 3. Who is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t eligible for opting in composition scheme: * Suppliers of the goods/services who are not liable to pay tax under GST * Inter-State outward suppliers of goods/services * Taxpayers supplying goods through e-commerce operators who are required to collect tax under sec 52 * The manufacturers of notified goods like Ice cream and other edible ice, whether or not containing cocoa, tobacco and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anufactured tobacco substitutes, Pan Masala & Aerated water
4. For more details click on:
* User Manual: https://tutorial.gst.gov.in/userguide/compositionpoc/compositionscheme.htm
* FAQ: https://tutorial.gst.gov.in/userguide/compositionpoc/optforcomposition.htm
Thanking You,
Team GSTN X X X X Extracts X X X X X X X X Extracts X X X X
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