How to Register for Composition Scheme: GST CMP-02 Filing Process
The government introduced the composition scheme to benefit small and medium-sized businesses. Registered businesses under this scheme can leverage several benefits, including paying taxes at comparatively low rates under the GST. Taxpayers having an annual turnover of less than Rs 1.5 Cr are eligible to register for the composition scheme. This article offers a complete guide for composition scheme registration.
The migrated taxpayers (who were registered under the previous tax regimes earlier than GST) have to file GST CMP-01 and other taxpayers have to file GST CMP-02 for online registration. Continue with the article to get yourself registered under the Composition Scheme in the GST regime successfully.
Step-by-Step Guide for Composition Scheme Registration
Step 1
Go to the GST Portal and log in with your mail ID and mobile number. Once you are done with the login, go to the “services” tab click on “registration” and then select “application to opt for composition levy”.
Step 2
Tick the check box for “composition declaration” and “verification” submit the name of the ‘authorized signatory” and then select the place of business.
Step 3
Save the application with DSC if you are a company or an LLP. If you are another applicant, then you can save the application either with an E-Signature or Submit it with EVC.
Step 4
A warning pop-up will appear on the computer screen and click on “proceed” to move further. An acknowledgment message is sent to the registered mobile number and mail ID.
Get Started with TaxDunia
Once the taxpayer is done with GST CMP-02, they are registered under the composition scheme. The migrated taxpayers are required to file forms CMP-01 and CMP-03 which is basically an intimation of stock details for migrated taxpayers.
The process of registration on the GST Portal may be time-consuming for taxpayers. To leverage the benefits from the government under the composition scheme, reach out to TaxDunia. We have a team of dedicated professionals.
