GST Portal Update: Taxpayers can opt for Composition Scheme for FY 2025-26:

GST Portal Update: Taxpayers can opt for Composition Scheme for FY 2025-26 In a significant update on GST portal, the taxpayers can opt for Composition Scheme for FY 2025-26. The opting period is between February 4 to March 31, 2025 by filing Form CMP-02. The goal of the composition scheme is to simplify and reduce compliance costs for small taxpayers. Furthermore, it is optional, and qualifying individuals who choose to pay tax under this scheme can do so at a set proportion of their turnover each quarter, rather than paying tax at the standard rate. Businesses with an annual aggregate turnover up to Rs.1.5 crore can opt into the composition scheme. The turnover of all businesses with the same PAN has to be added up to calculate the turnover for the purpose of the composition scheme. GST CMP-02 is a form used to opt into the Composition Scheme under India's Goods and Services Tax (GST) system. This form is designed exclusively for businesses who are new to GST and have chosen the Composition Scheme. It includes business information, turnover figures, and confirmation of eligibility for the scheme.