The GSTN has reopened the registration for composition scheme. Under this scheme, small-time taxpayers with up to 75 Lakh turnover can register themselves.
The last date to enroll under the composition scheme is Sept 30th, 2017.
Registering under the composition scheme allows for ease of business processes because the filing of GST returns for composition dealers is only once in a quarter.
Why is the registration for composition scheme opened again?
Earlier, the taxpayers were given time until August 16th to opt for composition scheme. But, only 10.86 lakh taxpayers, out of total 85 lakh registered businesses opted for the scheme.
So, in order to provide the composition facility to more businesses, the GSTN has re-opened the registrations.
Please note that if you opt for composition scheme during this period, the facility will be available from October 1st. For the period before Oct 1st, you will be treated as a normal taxpayer. This will mean that you have to file the monthly returns until Sept 30th. The quarterly return will be applicable after Oct 1st.
Related: Tax Payment Formats for GST – Normal and Composition Dealers