GST- Small taxpayers can opt for composition scheme before July 21

NEW DELHI: Small taxpayers can opt for the simple composition scheme under goods and services tax (GST) by applying on the portal before July 21. The scheme is available for taxpayers having turnover of less than Rs 75 lakh.

Those opting for the scheme will need to file returns once in a quarter, as against monthly mode to be followed by businesses under the general GST rules.The country has reportedly witnessed a shortage in essential medicines to treat diabetes and other life-threatening disease after July 1.

“The composition scheme has been designed to simplify and reduce the burden of compliance for smaller taxpayers,” said Navin Kumar, chairman of Goods and Services Tax Network (GSTN).

GSTN provides IT infrastructure and services to the central and state governments, tax payers and other stakeholders for GST implementation. GSTN has also asked all taxpayers who have been given provisional IDs/ provisional registration to complete enrolment by September 22.

In case an enrolled taxpayer fails to submit the duly filled form with the requisite documents, the person’s provisional registration is liable to be cancelled.