HOW TO GO IN COMPOSITION SCHEME?? • HOW CAN A TAXPAYER OPT FOR COMPOSITION?? To opt for Composition Scheme a Taxpayer has to file FORM GST CMP-02. This can b...
• HOW CAN A TAXPAYER OPT FOR COMPOSITION? To opt for Composition Scheme a Taxpayer has to file FORM GST CMP-02. This can be done online. Also, furnish a statement in FORM ITC-03 within 60days of filing GST CMP-02 to declare ITC claimed earlier that has to be reversed.
A taxpayer who wanted to opt for Composition scheme for a Financial Year during middle of such financial year then such person has to inform the GOVERNMENT about their choice. They also required to file GST CMP-02.
If filed the rules applicable will be same and applicable from month immediately succeeding the month in which FORM GST CMP-02 filed.
For example: - if one file form in month of MAY the same will be applicable from JUNE.
• PROCEDURE FOR FILING FORM GST CMP-02:- • LOGIN TO GST PORTAL • GO TO SERVICES • REGISTRATION • CLICK ON APPLICATION TO OPT FOR COMPOSITION LEVY • ON THIS WINDOW READ COMPOSITION DECLARATION & VERIFICATION AND TICK ON TICKBOX. • CHOOSE AUTHORISED PERSON & ENTER PLACE & DO SAVE. • IF YOU WANT TO SUBMIT AT THAT TIME, THEN; o SUBMIT IT WITH DSC/EVC/E-SIGNATURE. • IF YOU WISH TO SUBMIT IT LATER, THEN; o LOGIN - SERVICES -USER SERVICES -MY SAVED APPLICATION - AND SUBMIT WITH DSC/EVC/E-SIGNATURE. • AFTER THIS,ONE POPUP WILL BE OPEN • CLICK TO PROCEED • ACKNOWLEDGEMENT WILL BE GENERATED. • FORM GST CMP-03:-
After submitting FORM GST CMP-02, stock details are required to be submitted with FORM GST CMP-03 in which following details need to be intimated:
• Details of STOCK held • Inward supply of GOODS received from unregistered person held by him person who fill above forms on the date preceding the day of exercise of option. • RETURNS:- The payment can be done quarterly with declaration and return will be filed annually.
Social site link
1)https://www.facebook.com/HelloTaxIndia/ 2)https://hellotaxindia.tumblr.com/ 3)https://twitter.com/HelloTaxIndia/ 4)https://plus.google.com/u/0/112271030... 5)https://www.linkedin.com/company/hell... 6)https://www.instagram.com/hellotax_in... 7)https://www.youtube.com/channel/UCcIX...
Google play store link
1)https://play.google.com/store/apps/de... (HelloTaxIndia) 2)https://play.google.com/store/apps/de... (ITR Efiling)
Website link
1)http://www.hellotaxindia.in/ (for more video) 2)https://hellotax.co.in/ (ITR EfilingHelloTax )