Functionality for composition scheme under QRMP and LUT now available for FY 2021-22 on GST website

PDFPrint

GST website has activated 2 functionalities with regard to FY 2021-22 which are as under:

1. Functionality to opt in for composition has been made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to 31st March 2021.

The scheme of QRMP was made active from 1st January 2021 wherein eligible taxpayers might opt in for the scheme on quarterly basis and file GSTR 3B quarterly and pay tax on a monthly basis using self assessment option or pre calculated tax option using a challan.

2. Functionality to apply for LUT (Letter of undertaking) for FY 2021-22 is now available in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the benefit may apply for same up to 31st March 2021.

LUT allows the taxpayer to export goods or services without payment of tax.

PDFPrint