GSTN enables feature to opt in for Composition available for FY 2021-22
February, 10th 2021
The Goods and Service Tax Network has enabled the feature to opt in for composition available for Financial Year 2021-22 at the Common GST Portal.
The GSTN says the functionality to opt in for composition has been made available for Financial Year 2021-22 in the Dashboard of taxpayers at Common Portal.
The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to March 31, 2021.
The GST composition scheme was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. GST composition scheme assures greater compliance without the requirement of maintaining records.
The changes made under the advisory issued were decided after keeping in mind the difficulties being faced by the assessees and hence the network has decided to extend the last dates for opting under the composition scheme for the Financial Year 2020-21. The changes and extension in dates were listed under a notification issued by GST Network in notification 30/2020 on 3rd April 2020.