GST: Registered businesses can now opt for composition scheme on GSTN portal

New Delhi: With 3.58 lakh new registrations over the past 10 days, GST Network from Wednesday will provide an option on its Web portal to businesses that would like to opt for the composition scheme.

The registration facility for input service distributors (ISDs) will start from Wednesday and that of TCS and TDS deductors will open some time after July 20, GSTN Chairman Navin Kumar said.

Under the Goods and Services Tax (GST) framework, businesses have to register with GSTN — the IT backbone — following which they are given a provisional ID which can be used for transactions and filing tax returns.

Beginning today, the GSTN portal will start a facility for registered businesses to indicate their option for the composition scheme.

Taxpayers with an annual turnover of up to Rs 20 lakh — 10 lakh in the North-East and special category states — are exempt from GST.

Small businesses with a turnover of Rs 20-75 lakh can opt for composition scheme in which traders, manufacturers and restaurants can pay tax at 1 per cent, 2 per cent and 5 per cent, respectively.

Businesses opting for the composition scheme will see a lesser compliance burden as they will have to file returns only once in a quarter as against monthly returns to be filed by other businesses.

Implemented from July 1, GST unifies 17 different taxes and creates a single tax for the entire nation for seamless movement of goods and services.

An input service distributor (ISD) receives input tax credit for goods and/or services received by him from the supplier.

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Source:The Zee news

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