GST Composition Scheme: Deadline for Self-Assessed Tax Filing Extended
Regulatory Amendment:
The Central Government, acting on GST Council recommendations, exercises authority under section 148 of the CGST Act to introduce changes to Notification No. 21/2019-Central Tax.
Filing Requirement Extension:
Businesses opting for the Composition Scheme now have an extended deadline until July 31, 2022, to furnish details of self-assessed tax payment for the quarter ending June 30, 2022.
Additional Proviso Introduced:
A new proviso is added after the fourth proviso in the notification, mandating the submission of a statement (FORM GST CMP-08) by eligible businesses.
Compliance Facilitation:
The extension aims to facilitate a smoother compliance process for businesses operating under the Composition Scheme, offering additional time for the submission of essential documentation.
Council's Continuous Involvement:
The amendment aligns with the ongoing engagement and recommendations of the Goods and Services Tax Council.
Official Gazette Communication:
The changes are officially communicated through a Gazette of India notification, ensuring transparency in the regulatory framework.
Effective Date:
The extended deadline becomes effective from the date of publication of the notification.
Note: This amendment reflects a responsive approach to support businesses navigating the dynamic landscape of GST regulations.