GST Composition Scheme: Bizmen fail to file tax even as deadline ends

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Businessmen who have opted for Composition Scheme (paying of lumpsum tax) under Goods and Services Tax (GST) regime were unable to pay their quarterly taxes as the new form was not accessible on GST network even as the deadline ended on Thursday. Tax practitioners said that a new and more simplified system was proposed for the fiscal 2019-20 but the necessary forms are not accessible on GST Network, they claim. Now, speculations are high that the deadline will be extended. Dealers with an annual turnover of up to Rs 1.5 crore have an option to avail composition scheme where a flat rate of 5% is charged and the traders are not entitled to claim Input Tax Credit (ITC). While other dealers have to file monthly returns and pay tax on a monthly basis, Composition Scheme dealers have to pay tax quarterly and file an annual return.