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.