Order No. 04/2017 GST provides details of Form GST CMP-03, which is used for opting for composition scheme under GST.
The form must be filed by taxpayers who wish to opt for the composition scheme.
The form must be filed on the GST portal.
The form must be filed on or before the 31st of March of the relevant financial year.
The form requires the taxpayer to provide details of their outward supplies, inward supplies, and tax payable.
The form also requires the taxpayer to declare that they are eligible for the composition scheme and that they have not committed any offence under GST.
If the taxpayer is eligible for the composition scheme, they will be granted registration under the scheme and will be required to pay tax at a lower rate.