New Delhi, Nov 1 (KNN) To provide relief to the Micro, Small and Medium Enterprises (MSMEs) under GST regime the deadline to opt for the composition scheme has been extended to 31 March, 2018.

The MSMEs with turnover of upto 1 crore (or upto 75 lakh for Assam, Arunachal Pradesh, Manipur, Meghalaya,    Mizoram, Nagaland, Tripura, Sikkim and Himachal Pradesh) can opt for  this scheme. Under the scheme traders, manufacturers and restaurants face tax rates of 1, 2 and 5 percent respectively.

The government has also deferred Reverse Charge Mechanism (RCM) till 31 march, 2018 and the service providers having turnover less than 20 lakhs have been exempted from registration even if they are providing inter-state taxable services.

Businesses having turnover upto  Rs. 1.5 crore will be required to file form GSTR-1 ,2 and 3 and   pay taxes only on quarterly basis  at the time of supply of goods, the requirement to pay GST at the time of receipt of advances on account of sale of goods has been dispensed.

The quarterly filing and payment will begin from the quarter October to December, 2017 and the buyers from such taxpayers would be eligible to avail ITC (Input Tax Credit) on a monthly basis. (KNN/AG)