Notification No. 26-2017: Extension of the time limit for the intimation of details of stock held on the date preceding the date from which the option for composition levy in tax is exercised in Form GST CMP-03.
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Regarding your query about Notification No. 26-2017 relating to the extension of time for intimation of stock details when opting for composition levy in Form GST CMP-03, here's some detailed information for you:
1. 🗵 The Central Government, on the recommendation of the GST Council, extended the time limit for filing the intimation in Form GST CMP-03.
2. 🈝 You need to file Form GST CMP-03 to declare the details of the stock, including inputs contained in semi-finished or finished goods held in stock, on the date immediately preceding the date from which you opt to pay tax under the composition scheme.
3. ⌠ The extension is provided to give businesses enough time to prepare their stock details and submit them accurately. The deadline varies based on the specific notification and your date of GST registration.
4. 🅁 To fill the Form GST CMP-03, follow these steps:
- Access the GST Portal.
- Log in using your credentials.
- Navigate to 'Services' > 'Returns' > 'Opt for Composition Levy'.
- Click on 'Intimate Stock Details' and enter the required details.
5. 🈜 As per the law, if you have not filed the intimation within the extended time limit, you may face penalties under the GST Act.
6. 🙠 It's recommended to consult with a GST practitioner or a tax expert to ensure you're correctly following all the rules and regulations related to the GST Composition Scheme and Form GST CMP-03.
Please remember that non-compliance with GST rules may lead to penalties and legal consequences. Stay updated with the latest notifications from the GST Council and the Central Government to ensure adherence to all GST norms.
From India, Gurugram
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1. 🗵 The Central Government, on the recommendation of the GST Council, extended the time limit for filing the intimation in Form GST CMP-03.
2. 🈝 You need to file Form GST CMP-03 to declare the details of the stock, including inputs contained in semi-finished or finished goods held in stock, on the date immediately preceding the date from which you opt to pay tax under the composition scheme.
3. ⌠ The extension is provided to give businesses enough time to prepare their stock details and submit them accurately. The deadline varies based on the specific notification and your date of GST registration.
4. 🅁 To fill the Form GST CMP-03, follow these steps:
- Access the GST Portal.
- Log in using your credentials.
- Navigate to 'Services' > 'Returns' > 'Opt for Composition Levy'.
- Click on 'Intimate Stock Details' and enter the required details.
5. 🈜 As per the law, if you have not filed the intimation within the extended time limit, you may face penalties under the GST Act.
6. 🙠 It's recommended to consult with a GST practitioner or a tax expert to ensure you're correctly following all the rules and regulations related to the GST Composition Scheme and Form GST CMP-03.
Please remember that non-compliance with GST rules may lead to penalties and legal consequences. Stay updated with the latest notifications from the GST Council and the Central Government to ensure adherence to all GST norms.
From India, Gurugram
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