GST Updates

GST Compilation to All Relevant Rule, Notifications and Circular-Section-10-Composition levy

GST Compilation to All Relevant Rule, Notifications and Circular-Section-10-Composition levy

 

CA Arpit Haldia 

 

 

  • Relevant Rule

Rule Particulars
Rule 3Intimation for composition levy
Rule 4Effective date for composition levy
Rule 5Conditions and restrictions for composition levy
Rule 6Validity of composition levy
Rule 7Rate of tax of the composition levy
Rule 11Separate registration for multiple places of business within a State or a Union territory.
Rule 40Manner of claiming credit in special circumstances
Rule 44Manner of reversal of credit under special circumstances
Rule 62Form and manner of submission of statement and return
Rule 80Annual return

 

  •  Relevant Forms

Rule Form Name of the Form
3(1)CMP-01Intimation to pay tax under section 10 (composition levy)- (Only for persons registered under the existing law migrating on the appointed day)
3(3) & 3(3A)CMP-02Intimation to pay tax under section 10 (composition levy)- (For persons registered under the Act
3(4)CMP-03Intimation of details of stock on date of opting for composition levy (Only for persons registered under the existing law migrating on the appointed day)
6(2)CMP-04Intimation/Application for Withdrawal from Composition Levy
6(4)CMP-05Notice for denial of option to pay tax under section 10
6(5)CMP-06Reply to the notice to show cause
6(5)CMP-07Order for acceptance / rejection of reply to show cause notice
40ITC-01Declaration for claim of input tax credit under sub-section (1) of section 18
44ITC-03Declaration 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
62CMP-08Statement for payment of self-assessed tax
62GSTR-4Return for Composition Tax Payer
80GSTR-9AAnnual Return (For Composition Taxpayer)

 

  • Relevant Notification-

S. No. Notification No. Particulars
1.Notification No. 8/2017-Central Tax, Dated 27th June 2017 as amended by Notification No. 46/2017-Central Tax, Dated 13th October 2017 and Notification No. 1/2018-Central Tax, Dated 1st January 2018 and Notification No. 05/2019 – Central Tax, Dated 29th January 2019 superseded BY Notification No. 14/2019 – Central Tax, Dated 7th March 2019

 

Seeks to notify the turnover limit for Composition Levy for CGST
2.Notification No. 14/2019-Central Tax Dated 7th March 2019, as amended by Notification No. 43-Central Tax, Dated 30th September 2019Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.

 

3.Notification No. 21/2019 – Central Tax, Dated 23rd April 2019 as amended by Notification No. 34/2019 – Central Tax, Dated 18th July 2019, Notification No. 35/2019 – Central Tax, Dated 29th July 2019, Notification No. 50/2019 – Central Tax, Dated 24th October 2019Seeks to notify procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate), dated the 7th March, 2019

 

 

  • Relevant Circular-

 

  1. Denial of composition option by tax authorities and effective date thereof-Circular No. 77/51/2018-GST – Central Tax, Dated 31st December 2018

In a case where the taxpayer has sought withdrawal from the composition scheme, the effective date shall be the date indicated by him in his intimation/application filed in FORM GST CMP-04 but such date may not be prior to the commencement of the financial year in which such intimation/application for withdrawal is being filed. If at any stage it is found that he has contravened any of the provisions of the CGST Act or the CGST Rules, action may be initiated for recovery of tax, interest and penalty. In case of denial of option by the tax authorities, the effective date of such denial shall be from a date, including any retrospective date as may be determined by tax authorities, but shall not be prior to the date of contravention of the provisions of the CGST Act or the CGST Rules. In such cases, as provided under sub-section (5) of section 10 of the CGST Act, the proceedings would have to be initiated under the provisions of section 73 or section 74 of the CGST Act for determination of tax, interest and penalty for the period starting from the date of contravention of provisions till the date of issue of order in FORM GST CMP-07. It is also clarified that the registered person shall be liable to pay tax under section 9 of the CGST Act from the date of issue of the order in FORM GST CMP-07. Provisions of section 18(1)(c) of the CGST Act shall apply for claiming credit on inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the date immediately preceding the date of issue of the order.

 

Click to comment

Leave a Reply

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

To Top