gst, gst composition scheme
An Indian consumer goods trader shows letters GST representing 'Goods and Services Tax' (GST)at his shop in Hyderabad on August 3, 2016.NOAH SEELAM/AFP/Getty Images

Businesses opting for the composition scheme under the Goods and Services Tax (GST) regime have time till July 21 to convey their choice to the government. The scheme gives them the choice to pay presumptive tax provided their annual, all-India turnover is up to Rs 75 lakh.

"Any person who has been granted registration on a provisional basis and has turnover not exceeding Rs 75 lakh, and who wishes to opt for the composition levy, is required to electronically file an intimation, duly signed or verified through EVC, at the GST portal on or before July 21, 2017," GSTN Chairman Navin Kumar said, according to a PTI report.

Once registered, they can avail of a presumptive tax prescribed under the law; for traders it is 1 percent, for manufacturers 2 percent and for restaurants, 5 percent.

Such taxpayers will have to file one return in a quarter, as against monthly returns mandated under the GST laws for other assessees, the news agency said.

According to GSTN updates, about 69 lakh excise, VAT and service taxpayers have migrated to the GSTN portal for filing returns under the GST regime, apart from 4.5 lakh new taxpayers.

The third round of registration under the GSTN, or GST Network, commenced on June 25.