GST Updates

Forms and Times lines applicable for a composition dealer-Option, Withdrawal and Levy

Forms and Times lines applicable for a composition dealer-Option, Withdrawal and Levy

 

There are multiple time limits and multiple forms prescribed in GST. Therefore, it becomes very cumbersome exercise for remembering each form and extra time limit. This article gives a cursory look of the or are yet to decided.

Time Limits applicable to a composition dealer in GST Regime

 

Form No.RuleParticulars
CMP-01Rule 3 (1)Intimation to pay tax under section 10 (composition levy) (Only for persons registered under the existing law migrating on the appointed day)
CMP-02Rule 3 (2)Intimation to pay tax under section 10 (composition levy) (For persons registered under the Act)
CMP-03Rule 3(4)Intimation of details of stock on date of opting for composition levy (Only for persons registered under the existing law migrating on the appointed day)
CMP-04Rule 6(2)Intimation/Application for Withdrawal from Composition Levy
CMP-05Rule 6 (4)Notice for denial of option to pay tax under section 10
CMP-06Rule 6 (5)Reply to the notice to show cause
CMP-07Rule 6 (6)Order for acceptance / rejection of reply to show cause notice
ITC-01Rule 40(1)Declaration for claim of input tax credit under sub-section (1) of section 18
ITC-03Rule 44(4)Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18

 

Forms applicable to a composition dealer in GST Regime

 

RuleNature of ComplianceApplicable FormLimitation of Time
3 (1)Filing of Intimation by migrated taxpayer for opting Composition Levy under section 10.CMP-01Within 30 days of appointed date or extended period by Commissioner.

 

3 (4)Furnishing details of stock, including the inward supply of goods received from unregistered persons, held by a person on the day preceding the date from which he opts to pay tax under the said sectionCMP-03Within 90 days of appointed date or extended period by Commissioner.

 

 

 

 

3 (3)Filing of Intimation by registered taxpayer for opting Composition Levy under section 10.CMP-02Prior to the commencement of the financial year for which the option to pay tax under the aforesaid section is exercised.

 

3 (3)Furnish statement of reversal of credit held in inputs, semi-finished, finished goods, capital goods on which credit has been taken by registered person opting for Composition Levy.ITC-01Within a period of sixty days from the commencement of the relevant financial year.

 

 

 

3(3A)Migrated or registered person opting for composition Levy under section 10 upto 31st March 2018CMP-02Option will be effective from the first day of the month immediately succeeding the month in which he files intimation.

 

 

3(3A)Furnish statement of reversal of credit held in inputs, semi-finished, finished goods, capital goods on which credit has been taken by registered person opting for Composition Levy under Rule 3(3A) of CGST Rules, 2017ITC-03Within a period of one hundred eighty days from the day on which such person commences to pay tax under section 10.

 

 

 

6 (2)Filing of intimation for withdrawal from option to pay Composition Levy by a person who ceases to satisfy any of the conditions mentioned in section 10 or  provisions of Chapter II of CGST Rules, 2017CMP-04Within seven days of occurrence of such event .

 

 

 

 

 

6(3)Notice by proper officer, where he has reasons to believe that registered person was not eligible to pay tax under section 10 or has contravened the provisions of the Act or provisions of this ChapterCMP-05

 

 

 

 

 

6 (4)Submission of reply to show cause notice (FORM GST CMP-05) issued by proper officer regarding person was not eligible to pay tax under section 10 or has contravened the provisions of Chapter II of CGST Rules, 2017CMP-06Within fifteen days of the receipt of such notice

 

 

 

 

 

6 (5)Issue of order by proper officer for accepting the reply, or denying the option to pay tax under section 10 from the date of the option or from the date of the event concerning such contravention.CMP-07Thirty days of the receipt of such reply

 

 

 

 

 

6 (6)Furnish details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by a person on the date on which the option is withdrawn or deniedITC-01Within thirty days from the date from which the option is withdrawn or from the date of order passed in FORM GST CMP-07

 

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top