TAXPAYERS UNABLE TO OPT FOR COMPOSITION
SCHEME BEFORE 16.8.2017
The Goods and Services Tax
Act, 2017 came into force with effect from 1.7.2017.
The dealer’s whose aggregate
turnover was below Rs.75 Lakhs may opt for composition levy in the GST regime.
The window for opting
composition levy under GST was open upto 23.7.2017 and on 23.7.2017 the period
for filing of intimation to opt composition scheme in FORM GST CMP-01 was
extended upto 16th August, 2017.
There was a scrolling message
displayed in the GST Portal such as “The last date to Opt-In for Composition
Levy for migrated taxpayers from previous regime is 16th Aug, 2017. Such
taxpayers who have opted-in for composition scheme on or before this date will
be considered for 2017-18”.
The time limit to opt for
composition levy was 16.8.2017 and no further extension of time granted till
date.
If any person wishes to opt
for composition levy and enters in the GST Portal, the GST Portal displays the
following message.
“The last date to opt in for Composition
Levy for 2017-18 was 16th August 2017. The window for opting in for composition levy
for 2018-19 is planned in February 2018.”
The taxpayers who wanted to
opt for composition levy and unable to opt for the same for the year 2017-18
may file GSTR-3B return as early as possible for the month of July 2017 (if not
filed) and August 2017 and take steps to file monthly returns under GST regime
to avoid late fee for belated submissions of returns.
The GST Portal is now
calculating and levying late fee automatically Rs.100.00 per day for each act separately for delayed submission of returns
(from 28.8.2017 onwards).
The Government of India has waived the Late Fee for the month of July 2017 as per the Press Note given below:
The Government of India has waived the Late Fee for the month of July 2017 as per the Press Note given below:
PRESS NOTE
Dated: 2nd September 2017
GST
The Goods and Services Tax (GST) tax was introduced on 1st of July 2017.
The last date for payment of GST for the month of July 2017 was 25th August
2017.
Payment of GST is complete only
when amount of tax payable is debited
from
electronic
cash / credit ledger.
2. Now late fee for all taxpayers who could not file GSTR 3B for the month
of
July 2017 has been waived, but not the interest on late payment of Tax liability.
3. GSTR 1 is to be filed by all taxpayers by 5th of September 2017 and GSTR
2 and GSTR 3 to be filed by all taxpayers by 10th and 15th of September 2017 respectively.
4. Taxpayers who have committed errors in GSTR 3B will be able to put the correct details in GSTR
1-2-3. However, interest will
be leviable from all
taxpayers who have not discharged their complete Tax liability for July 2017 by
25-08-2017.
5. Furthermore, vide Circular dated 01-09-2017, procedure for systems based reconciliation of GSTR 1-2 with GSTR 3B has been clarified.
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