“Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from the transition to the GST regime from 1st of July, 2017,” the release read.
“With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017,” the release added.
Small businesses with turnover of upto Rs 75 lakh can opt for the Composition Scheme of the Goods and Services Tax (GST). Under the scheme, small traders, manufacturers and restaurateurs can pay taxes at 1 per cent, 2 per cent and 5 per cent respectively.
Apart from filing intimation for the levy, the taxpayers who are exempted from GST registration can also apply to undo their provisional migration by extended date of September 30, 2017.
The Goods and Services Tax was rolled-out on July 1, 2017 to do away with various taxes at Central and State levels and replace them with single taxation system. Till date, more than 70 lakh excise, VAT and service taxpayers have registered under the GSTN portal for filing returns under the new tax regime.