Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Associate PartnerAssociate Partner
  
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Businesses Get Time Till August 16 to Opt for GST Composition Scheme

Small businesses with turnover of up to Rs 75 lakh were earlier given time till July 21 to opt for the scheme in the Goods and Services Tax regime.

PTI

Updated:July 22, 2017, 11:21 PM IST
facebookTwitterskypewhatsapp
Businesses Get Time Till August 16 to Opt for GST Composition Scheme
Image for representation only.

New Delhi: The government on Saturday extended the deadline till August 16 for businesses to opt for composition scheme under the GST regime.

"With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the composition scheme, it has been decided to extend the time limit for filing intimation for composition levy up to August 16, 2017," the finance ministry said in a statement.

Small businesses with turnover of up to Rs 75 lakh were earlier given time till July 21 to opt for the scheme in the Goods and Services Tax regime.

The government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from July 1, 2017, the ministry said.

To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select 'Application to opt for the Composition Scheme' under 'Services' menu. They have to fill up the Form GST CMP-01 to opt for the scheme.

Under composition scheme, traders, manufacturers and restaurants can pay tax at 1 per cent, 2 per cent and 5 per cent, respectively.

The ministry further said taxpayers willing to cancel their GST registration can do so till September 30,2017.

"Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is being extended up to September 30, 2017," it said.

There are over 70 lakh excise, VAT and service taxpayers who have migrated to the GSTN portal for filing returns in the GST regime which kicked in from July 1.

Besides, there are over 8 lakh new taxpayers who have registered on the portal. These new registered taxpayers can opt for the composition scheme at the time of registration.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ashish Yechury
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 650.60 1.10
Yes Bank 51.20 -1.16
RBL Bank 259.15 -9.69
Reliance 1,392.40 -1.54
Axis Bank 714.85 0.29
Company Price Change %Gain
Infosys 650.75 1.16
Yes Bank 51.25 -1.06
IRCTC 900.40 6.52
RBL Bank 259.25 -9.64
Indiabulls Hsg 206.20 -5.50
Top Gainers
Company Price Change %Gain
HCL Tech 1,095.15 2.88
Eicher Motors 20,521.20 2.71
Maruti Suzuki 7,440.25 2.54
SBI 275.45 1.83
Titan Company 1,348.65 1.44
Company Price Change %Gain
HCL Tech 1,095.65 2.93
Maruti Suzuki 7,439.50 2.55
SBI 275.50 1.87
Hero Motocorp 2,712.25 1.45
HDFC 2,144.50 1.35
Top Losers
Company Price Change %Gain
Adani Ports 396.10 -5.86
Bharti Airtel 360.35 -3.68
Zee Entertain 242.10 -3.33
Vedanta 146.25 -1.94
Grasim 743.15 -1.71
Company Price Change %Gain
Bharti Airtel 360.50 -3.66
Vedanta 146.10 -1.95
ONGC 141.95 -1.53
Reliance 1,392.85 -1.51
Yes Bank 51.25 -1.06

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results