Hope commercial coaching classes having turnover below can opt for composition scheme. if yes What is the last date to opt for FY 21-22
Reply-As per notification no. 02/2019 (central tax rate) dated 07.03.2019, a registered person whose aggregate turnover in the preceding financial year was fifty lakh rupees or below is eligible to opt for composition scheme as service provider.
Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.
Functionality to opt in for composition was made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wished to avail the composition scheme were required to opt for composition up to 31st March 2021.
Posted Date: Apr 21, 2021