GST Composition Scheme: Everything you need to know

GST Composition Scheme: Everything you need to know

When a registered dealer wants to opt for composition scheme under GST, they have to intimate the government about it. This can be done by filing Form GST CMP-01 or Form GST CMP-02.

Attention GST registered taxpayers! 31st March 2018 is deadline to opt into Composition for FY 2018-19.


A statement needs to be furnished in form ITC-03 within 60 days of commencement of the FY 2018-19 to declare the ITC claim that has to be reversed on inputs/capital goods in stock, in semi-finished or in finished goods.

CMP-01 form is to be filed by a migrated taxpayer who wants to opt for Composition Scheme.  

A taxpayer who wants to opt for Composition Scheme for a financial year or during the middle of a financial year has to inform the government about their choice. This is to be done by filing GST CMP-02

If CMP-02 is filed in the middle of the financial year, the rules of the scheme are applicable from the month immediately succeeding the month in which CMP-02 is filed.


FILING PROCESS

  1. Login to GST portal

  2. Go to ‘Services’ > ‘Registration’ > ‘Application to Opt for composition Levy’.

  3. If you are a Company or an LLP you can only submit the application with DSC. Any other registrant can use any of the three methods to submit the return.

  4. Once the application is submitted a success message is displayed. Also, an acknowledgment is sent to your registered email id and mobile.

  5. After filing this form a Composition Dealer has to file GST CMP-03 within 90 days.

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