The deadline to avail the benefit of the GST Composition Scheme is March 31, 2024. If you haven’t completed this task yet, it’s essential to do so promptly.
As the new financial year is about to begin, it’s crucial to complete certain financial tasks. One such task is availing the GST Composition Scheme. The deadline to avail the benefit of this scheme is March 31, 2024. All businesses registered under GST are required to file monthly or quarterly returns. To provide relief to small businesses, the central government has introduced the GST Composition Scheme.
About the GST Composition Scheme
Under this scheme, businesses are not required to file GST returns every month. Small individual businesses can file GST returns on a quarterly or annual basis. Taxpayers benefit from a simplified tax structure. Additionally, there’s a maximum turnover limit for taxpayers. Taxpayers with an annual turnover of up to Rs. 1.5 crore can opt for this scheme. For special category states, the total turnover should be Rs. 75 lakh. Moreover, the turnover limit for businesses is set at Rs. 50 lakh.
Opportunity to Choose the Scheme Twice
Taxpayers have two opportunities to choose the GST Composition Scheme within a financial year. The first opportunity is provided at the time of GST registration. The second opportunity is available at the beginning of the new financial year. The financial year 2024-25 is commencing from April 1. Taxpayers eligible for GST registration can opt for the GST Composition Scheme until March 31, 2024.
How to Check
Taxpayers can easily check whether they have opted for the GST Composition Scheme or not using the GST Search Tool. All they need is their GST number.It’s essential for taxpayers to take advantage of the GST Composition Scheme before the deadline to avoid any regrets later.