GST Form CMP-02: Filing Procedure & Due Date
GST Form CMP-02: Filing Procedure & Due Date
Small businesses with an annual turnover of less than Rs. 1.5 crore can be registered under the GST composition scheme. This registration can be done by filing either GST CMP-01 or GST CMP-02 forms. If you’re a migrated taxpayer registered under pre-GST laws such as VAT or excise duty, you must submit GST CMP-01. Alternatively, if you’re a new taxpayer looking to register for GST and opt for the composition scheme, you should file GST form CMP-02. Read this article to understand the GST CMP-02, eligibility, and how to file online through the GST portal.
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Latest Update
The GST portal accepts applications through Form CMP-02 for the financial year 2024-25 until March 31, 2024. There are no changes in the form or eligibility criteria. Taxpayers can file form CMP-02 using the following navigation: Services -> Registration -> Application to opt for Composition Levy.
What is the GST Form CMP-02?
GST CMP-02 is a form used to opt into the Composition Scheme under the Goods and Services Tax (GST) system in India. This form is specifically for businesses newly registering for GST and opting for the Composition Scheme. It contains business details, turnover details, and confirmation of eligibility for the scheme. By filing GST CMP-02, businesses intend to benefit from the Composition Scheme, including simplified compliance requirements and lower tax rates.
Who is eligible to file GST CMP-02?
A business that meets the following criteria can file for GST CMP-02.
- New Taxpayer: The business has not been under pre-GST taxes (VAT and excise duty).
- Composition Scheme: The business intends to opt for the simplified GST compliance offered by the composition scheme.
- Turnover Limit: The annual turnover of the business falls below Rs. 1.5 crore
Learn about: Step-by-Step Guide to GST Registration for Businesses
How to File GST Form CMP-02 on the GST Portal?
New taxpayers can use the following steps to opt for a ‘composition levy’ and file GST Form CMP-02 on the GST Portal.
Step 1: Access the GST Portal
To begin filing GST CMP 02, visit the GST Portal. It will direct you to the GST Home page, where you can register for the composition scheme.
Step 2: Log into the GST Portal
After reaching the GST Home page, log into the GST Portal with your login credentials. Once logged in, navigate to the Registration Menu and select ‘Application to Opt for Composition Levy’.
Step 3: Review Business Details
After selecting the option, you’ll be directed to a new screen titled ‘Application to Opt for Composition Levy’. Here, you’ll find pre-filled details such as your GSTIN, the Business’s Legal name, Trade Name (if any), and the Address of the Principal Place of Business. Your Nature of Business and Jurisdiction will be displayed below these details.
Step 4: Composition Declaration
Below the displayed details, you’ll find a Composition Declaration. You need to check the box to agree with the conditions and restrictions for taxpayers under the Composition levy.
Step 5: Verification
Before submission, check the box for Verification, located below the Composition Declaration. This declaration asserts that all provided information is accurate and nothing has been concealed from the authority.
Step 6: Select Authorized Signatory and Submission Mode
Select the Authorized Signatory from the drop-down menu and input the Place. After completing this step, the option to submit the form will be activated. Choose your desired mode of submission – Digital Signature Certificate (DSC), E-sign, or Electronic Verification Code (EVC). Here, we selected the DSC option for submission purposes.
Step 7: Confirmation and Submission
A prompt will appear to confirm your action after selecting the submission mode. Click on PROCEED to continue. The system will then retrieve the installed digital signatures available on your system via emSigner. Select the desired DSC and click Sign. A SUCCESS message will be displayed if your digital signature is successfully authenticated.
Step 8: Await Confirmation
Following submission, the system will perform validations. If successful, an Acknowledgement Reference Number (ARN) for the application will be generated. You will receive this ARN via email and SMS within the next 15 minutes to confirm the completion of the filing process.
Note: Ensure you file the GST CMP-02 before March 21, 2024.
Also read: How to file GST CMP-03?
Form GST CMP-02
We have attached the GST Form CMP-02 below.
Conclusion
Filing GST CMP-02 is a straightforward process for new businesses registering under GST who want to benefit from simplified compliance offered by the composition scheme. This article explained the eligibility criteria and provided a step-by-step guide on submitting the form electronically on the GST portal. Remember, the filing deadline for the composition scheme for the financial year 2024-25 is March 31, 2024. Get help from IndiaFilings to file your GST CMP-02 before the deadline.
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