GSTN reopens composition scheme window for small traders
The GST Network (GSTN) has reopened composition scheme window facility for small taxpayers with turnover of up to Rs.75 lakh to opt for composition scheme, which offers easy compliance for business as returns are to be filed only quarterly. The window will be open for those taxpayers who have migrated from earlier excise, service tax or VAT regime as well as for the newly registered taxpayers.
Earlier, small taxpayers were given time deadline of August 2017 to opt for composition scheme. But, only 10.86 lakh taxpayers, out of total 85 lakh registered businesses had opted for the scheme.
The GST Council headed by Union Finance Ministry had decided to reopen window for allowing taxpayers to opt for scheme. Taxpayers who will opt for the composition scheme during the period will be given the facility from 1 October 2017. These taxpayers will be treated as normal taxpayer and will have to file monthly return.
About Goods and Services Tax Network (GSTN)
GSTN is a not for profit, non-Government, private limited company incorporated in 2013. The Union Government holds 24.5% equity in GSTN. It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST).
All States including two UTs (Delhi and Puducherry) and the Empowered Committee of State Finance Ministers (EC) together hold another 24.5%. Balance 51% equity is with non-Government financial institutions-HDFC Bank Ltd (10%), HDFC Ltd (10%), ICICI Bank Ltd (10%), NSE Strategic Investment Corporation Ltd (10%) and LIC Housing Finance Limited (11%).
The Revenue Model of GSTN after GST rollout will consist of User Charge to be paid by stakeholders who will use the system and thus it will be a self-sustaining organization.
Categories: Business, Economy & Banking