composition scheme
CHETAN LOHIA (TAX PRACTICIONER) (5 Points)
13 July 2017
Please tell me that is there any time limit to apply for composition under Gst for the migrated tax payers ?
2 Replies
Karan Batra
(Creator: TheProTalks)
(2325 Points)
Replied 13 July 2017
For persons already registered under old laws and now want to register under the Composition scheme under GST
Any person being granted registration on a provisional basis (registered under VAT Act, Service Tax, Central Excise laws etc) and who opts for Composition Levy shall file an intimation in FORM GST CMP-01, duly signed, before or within 30 days of appointed date. If intimation is filed after the appointed day, the registered person:
- Will not collect taxes
- Issue bill of supply for supplies
FORM GST CMP- 03 must also be filed within 60 days of exercise of option:
- Details of stock
- Inward supply of goods received from unregistered persons held by him on the date preceding the day of exercise of option
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