GST Advisory on Opting-in for
Composition Scheme for 2020-21
Advisory on Opting-in for Composition
Scheme for 2020-21 –Extension of Dates in view of COVID-19 pandemic
GST Department,
vide update no. 373 dated 07.04.2020 has issued Advisory on Opting-in for
Composition Scheme for 2020-21 - Extension of Dates in view of COVID-19
pandemic.
I. Government has
extended dates for opting for composition scheme by normal taxpayers, for the
financial year 2020-21. These are notified in Notifications 30/2020 Central
Tax, dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has
also been issued.
II. Existing Normal
taxpayers who want to opt for Composition Scheme in Financial Year 2020-21 may
note following changes:
a)
Revised date to file Form GST CMP 02: Normal and registered
taxpayers who want to opt in for Composition in FY 2020-21 can apply in Form
GST CMP-02 by 30th June 2020.
b)
No GSTR 1 or 3B must be filed in 2020-21 financial year for associated PAN: The taxpayers
SHOULD NOT file any GSTR-1/GSTR-3B, for any tax period of FY 2020-21, from any
of the GSTIN on the associated PAN, or else they will not be able to opt for
composition scheme for FY 2020-21.
c)
No need for re-opting for the composition scheme: The taxpayers
who are already in composition scheme, in previous financial year are not
required to opt in for composition again for FY 2020-2021.
d)
Revised date to file Form GST ITC 03: Form GST ITC-03 to reverse ITC
for the stock in hand at the time of transition can be filed till 31st July,
2020.
e)
Modification in earlier advisory date 18.02.2020: The advisory issued
on 18.02.2020 and available on GST Portal (click here for the link https://www.gst.gov.in/newsandupdates/read/356 ) stands modified to
above extent.
DISCLAIMER: THE ARTICLE
IS BASED ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE
TIME OF THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND
INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.
THE AUTHOR – CS
DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND CAN
BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
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