Intimation of Stock Details by Migrated Taxpayers Opting for Composition Levy

Q1. What is meant by Intimation of Stock Details by Migrated Taxpayers Opting for Composition Levy?

In addition to filing the application to opt for Composition Levy, the Migrated taxpayers are also required to file a form for Stock Intimation to furnish the details of stock including inward supply of goods from unregistered persons, held by them on the day preceding the date from which they opt to pay the composition levy. Such taxpayers are required to file Stock Intimation details within 120 days from the appointed date or as extended.

Q2. Who all need to file the FORM CMP-03, Stock Intimation for Opting Composition Levy? OR I am unable to view the option to file - Stock Intimation for Opting Composition Levy. Why?

Only Migrated taxpayers, with effective date of composition as 1st July 2017, can file FORM CMP-03. The form is only visible if all of the following conditions are met:

i. Taxpayer is a migrated taxpayer and

ii. Effective date of composition is 1st July 2017 and

iii. Taxpayer has opted for composition levy by filling CMP-01 form.

Q3. Is the application to opt for Composition Levy or form for Intimation of Stock Details subject to approval by the Tax Authorities?

No, the application to opt for Composition Levy is not subject to approval by the tax authorities.

Q4. What happens if I don’t file the Intimation of Stock Details form within 120 days or extended period?

Tax official will get an alert post 120 days (or at end of such extended period) in case taxpayer does not file the intimation of stock details of all the GSTIN attached to the PAN within 120 days from the appointed date .

Q5. From where can I download the Intimation of Stock Details form?

It will be available on your post-login Dashboard under the Services > Registration section.

Q6. Can I submit the Intimation of Stock Details form and make the due payment at a later date?

No, intimation cannot be submitted without due payment of tax except when the tax liability is Nil.

Q7. Do I need to file intimation of Stock details for all the GSTINs mapped to PAN Separately?

Yes.