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GST COMPOSITION SCHEME
Can I convert GST regular to composition scheme for financial year 2020-21 now?
Replies (2)
Quick Summary
No. Time limit was extended till 30 June 2020.
No Sir, the due date is gone. The due date to opt for Composition Scheme for FY 2020-21 was 30th June 2020 as per Notification No. 30/2020 - Central Tax, dated 03rd April 2020.
Usually you need to opt for Composition at the beginning of the Financial Year. But for FY 2020-21, a relaxation was provided to the taxpayers by extending the due date of opting for Composition Scheme from 31st March 2020 to 30th June 2020 due to the COVID-19 pandemic vide Notification No. 30/2020 - Central Tax, dated 03rd April 2020.
Usually you need to opt for Composition at the beginning of the Financial Year. But for FY 2020-21, a relaxation was provided to the taxpayers by extending the due date of opting for Composition Scheme from 31st March 2020 to 30th June 2020 due to the COVID-19 pandemic vide Notification No. 30/2020 - Central Tax, dated 03rd April 2020.
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