Home / Knowledge / News / Textiles / Govt extends deadline for GST composition scheme to Aug 16
Govt extends deadline for GST composition scheme to Aug 16
24
Jul '17
The Government on India has extended the deadline for small businesses to opt for the composition scheme in the goods and services tax (GST) regime. To opt for composition scheme, the taxpayer can now apply up to August 16. After logging into the GST portal, he/she needs to fill up Form GST CMP-01 ‘Application to opt for the Composition Scheme’.

“Extension of time limit for filing intimation for composition levy under subrule (1) of rule 3 of the CGST Rules, 2017 In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017, the Board hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule 3 of the Central Goods and Services Tax Rules, 2017 up to 16th August, 2017,” the Central Board of Excise and Customs (CBEC) said in an order.

Traders and manufacturers with an annual turnover of Rs 20 lakh to Rs 75 lakh can opt for the ‘composition scheme’ and pay tax at one per cent and two per cent respectively. Businesses opting for the scheme have a lesser compliance burden as they have to file returns only once in a quarter as against monthly returns to be filed by other businesses.

The scheme exempts tax payers with an aggregate turnover in a financial year up to Rs 20 lakh — Rs 10 lakh in North-East and special category states — from GST. An entity whose aggregate turnover in the preceding financial year is less than Rs 75 lakh can opt for a simplified ‘composition scheme’ where tax will be payable at a concessional rate on the turnover in a state. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

Trade & consumers want MDR free digital payments: CAIT

Apparel/Garments | On 12th Dec 2017

Trade & consumers want MDR free digital payments: CAIT

Transaction charges like the merchant discount rate (MDR) applicable...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search