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TMI BlogComposition Levy Scheme in GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... crores (Rs. 75 lakh for special category States except J K and Uttrakhand) in the financial year 2016-17 may opt for this scheme. A taxpayer registered under composition levy scheme has to pay an amount equal to certain fixed percentage of his annual turnover as tax to the government. This tax has to be paid on quarterly basis. Such taxpayer does not have to maintain elaborate accounts and records and instead of two monthly statements and a return (which a normal taxpayer has to file under GST), he has to file a simple quarterly return in FORM GSTR-04. The time Limit for GSTR-4 for the quarter July to September, 2017 has been extended to 24th December, 2017 vide Notification No. 59/2017CGST. However, upon opting for this scheme, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST CMP-01 on the common portal (www. gstn.gov.in). He can file this intimation either before the appointed day (i.e. day on which GST came into force 01/07/2017) or within 30 days (or as extended by the commissioner) of the appointed day (01/07/2017), (which was later extended up to 16/08/2017). If he intimates after the appointed day, he shall not collect GST and issue bill of supply from the appointed day. Further such person has to furnish a statement containing details of stock including the inward supply of goods received from unregistered persons, held by him on the day preceding the date from which he opts for the scheme, in FORM GST CMP-03, within 60 days (or as extended by the commissioner) of the date from which the option for com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistration under GST law and intimates about opting for the scheme either before the appointed day (01/07/2017) or within 30 days (or as extended) of the appointed day, shall be the appointed date. Effective date for registered taxpayer who intimates about opting for the scheme under FORM GST CMP-02, shall be the beginning of the financial year Effective date for a person who applies for fresh registration under Rule 8 of the CGST Rules, 2017 by providing necessary information under part B of FORM GST REG01, shall be the effective date of registration as per sub rule 2 or 3 of Rule 10 of CGST Rules, 2017. 5. Persons who are not eligible for the scheme . Barring few exceptions, all registered taxable persons whose aggregate turn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aged in manufacturing of goods notified under sec 10 (2) (e) of the CGST Act either in the year 2016-17 or later. Following goods have been notified for which composition scheme is not available. S.No. Classification (Tariff item/ Chapter) Description 1 2105 00 00 Ice cream and other edible ice, whether or not containing cocoa 2 2106 90 20 Pan masala 3 24 Tobacco and manufactured tobacco substitutes 6. Rate of Tax under the scheme There are three rates prescribed for three different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for the composition scheme, he shall not be allowed the composition scheme in case the goods held in stock by him on the appointed day have been purchased in the course of inter-State trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State. Withdraw from the scheme if not eligible 9. Validity of the composition levy scheme A person opting for the composition levy scheme can continue to pay tax under the said scheme as long as he satisfies the eligibility criteria and conditions related to the scheme and do not require to file a fresh application every year. But, such a person shall be liable to pay tax under subsection (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held in stock by him on the date on which the option is withdrawn. The said statement has to be submitted on the common portal within 30 days from the date of withdrawal. He shall be entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax as normal taxpayer under section 9 of the CGST Act, 2017. 12. Action for wrongly opting the scheme or for contravention of any provision of the scheme In the scenario, when the proper officer has reason to believe that the registered person has wrongly opted for the scheme or he has contravened the provisions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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