Regular GST registered Taxpayers who don’t want to avail ITC facility and who have an aggregate annual domestic PAN-based turnover as per the following limits can opt for the Composition Levy under GST:
The above points help you to understand the limits for composition scheme. Here, you will know how to change regularly to composition in GST 2022 and also get the information for GST regular to composition last date,.
However, you cannot opt for the Composition Levy if you are/you undertake:
The above points stated that when you cannot opt for the Composition Levy. It also help to understand how to change regular to composition in GST or how to change composition to regular in GST 2022.
The GST rates for various Composition Dealers are as follows:
|Type of Business||CGST||SGST||Total|
|Manufacturers and Traders (Goods)||0.50%||0.50%||1.00%|
|Restaurants not serving alcohol||2.50%||2.50%||5.00%|
|Other Service Providers||3.00%||3.00%||6.00%|
The facility to opt-in for composition levy (form gst cmp-02) for the financial year 2021-22 is disabled for now. The eligible GST registered Taxpayers who want to opt-in for the Composition Scheme for the FY 2021-22 have to file FORM GST CMP-02 on or before 31 March 2021 which is the regular to composition in GST last date and composition to the regular last date for 2021-22. To file this form, the Taxpayer has to take the following steps:
You will be redirected to a new screen – Application to Opt for Composition Levy. Your GSTIN, Legal Name of Business, Trade Name (if any), and Address of Principal Place of Business will be auto-populated and displayed on the screen.
The Nature of Business and Jurisdiction will be listed as well.
Once the application/form is successfully signed and submitted, the system will perform some validations at the back end. If these are successful, an ARN will be generated and sent to the registered email address and mobile number (SMS) within the next 15 minutes. In this way, you will become familiar with how to opt composition scheme in GST.
Taxpayers who were regular Taxpayers in the previous FY, but are opting in for the composition scheme for 2021-22, should file Form GST ITC-03 for reversal of ITC on stocks of inputs, semi-finished goods, and finished goods available with them within 60 days from the effective date of opting in. You can find the latest updated regarding GST composition scheme turnover limit 2022-23, cmp 02 for fy 2022-23 in our next article.
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