GST Composition Scheme Registration— Step by Step guide with Screenshots. GST Registration Procedure is begun with 1st July2017 Everything you would like to know about GST Composition Scheme Online Registration. All you require to learn about GST Composition Scheme Registration, Please inspect details from below …
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tiresome GST procedures and pay GST at a fixed rate of turnover. This plan can be chosen by any taxpayer whose turnover is less than Rs. 1.0 crore *.
Update according to Notification dated 29.122017
The late fees for failure to furnish returns in GSTR-4 by the due date have actually been waived off to the extent of the quantity in excess Rs. 50 daily for every day the failure continues.
In case of the filing of Nil Returns in GSTR-4, The late fees for failure to provide return by the due date, have been waived off to the extent of the amount in excess of Rs. 20 daily for every day the failure continues.
As per 23 rd GST Council Meeting held on 10 th Nov 2017
The primary threshold for composition scheme was recommended for a boost to Rs. 1.5 crore (from earlier 1 crore). This is yet to be informed.
GST Composition Scheme Registration
Businessmen with yearly turnover of more than Rs. 20 lakhs and as much as Rs. 1 crore lakhs can benefit from composite schemes coming in GST. Under the composite scheme, the tax rate is low. Under this plan, the traders will have to pay only 2 per cent tax.
The benefit of this scheme can be bought by Retailer, Wholesaler, Restaurant Businessman, MSME, Manufacturing. If the turnover of these traders is more than Rs 20 lakh and up to Rs 1 crore *. In GST, you need to pay tax at an annual rate of 2 percent.
Video Guide for GST Composition Scheme Registration
Click here to Watch Video on Youtube
How do I select the Composition Scheme?
What are the actions associated with using to Opt for the Composition Scheme on the GST Portal?
To go with the composition scheme on the GST Portal, carry out the following actions:
1. Access the https://www.gst.gov.in/ URL. The GST Home page is shown.
In case of New Registration:
2. Log into the GST Portal by entering your login Credentials.
3. As soon as you have actually visited, choose ‘Application to Opt for Composition Scheme’ from the Registration Menu.
4. You will be directed to a brand-new screen– Application to Opt for Composition Scheme. Your GSTIN, Legal Name of Business, Trade Name (if any), and Address of Principal Place of Business will be displayed.
5. Listed below that, your Nature of service and Jurisdiction will be listed.
6. Listed below these details, there is a Composition Declaration that you must inspect to promise to comply with the conditions and restrictions for Taxpayers who are under the Composition Scheme.
7. Before submission, you should also examine the box for Verification (below the Composition Declaration) that states that all the information offered is true which nothing has actually been hidden from the authority
8. Before submission, pick the Authorized Signatory from the dropdown menu and go into the Place. 9. When you choose the Authorized Signatory and enter the Place, the alternatives to send the form will get triggered. Select the desired mode– DSC, E-sign, or EVC– and click the corresponding submission choice. For the function of this manual, we will submit the application utilizing DSC.
10 You will get a timely to validate your action, click on PROCEED to move forward.
11 The system will retrieve the installed digital signatures offered on your system using the emSigner and you will get a pop-up to choose the preferred DSC. Select the wanted signature.
12 When you select the preferred digital signature (it will get highlighted in blue), click Sign. If your digital signature is validated, you will get a SUCCESS message.
13 The system will perform some recognitions and if they are successful your ARN for the work product will be produced and sent to you by means of e-mail and SMS within the next 15 minutes
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