Composition scheme opt-in requires electronic intimation and ITC statement; cumulative input tax credit adjustments must be reported in the return. Registered persons opting for the composition scheme must electronically file an intimation in FORM GST CMP-02, verified via electronic verification code or through a notified Facilitation Centre, and furnish the statement in FORM GST ITC-03 per sub rule (4) of rule 44 by the prescribed deadline. The condition for input tax credit application is treated cumulatively for February through August 2020 and must be reflected as a cumulative adjustment in FORM GSTR-3B for the tax period September 2020.
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Composition scheme opt-in requires electronic intimation and ITC statement; cumulative input tax credit adjustments must be reported in the return.
Registered persons opting for the composition scheme must electronically file an intimation in FORM GST CMP-02, verified via electronic verification code or through a notified Facilitation Centre, and furnish the statement in FORM GST ITC-03 per sub rule (4) of rule 44 by the prescribed deadline. The condition for input tax credit application is treated cumulatively for February through August 2020 and must be reflected as a cumulative adjustment in FORM GSTR-3B for the tax period September 2020.
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