Withdrawal from the composition levy scheme and procedure thereafter - GST Ready Reckoner - GST

Withdrawl from Composition Scheme (Voluntary) A registered person who intends to withdraw from the scheme has to file an intimation for withdrawal from the scheme in the FORM GST CMP-04, before the date of such withdrawal. Withdrawl from Composition Scheme ( cease to satisfy any provisions in scheme) In case if assessee cease to satisfy any provisions in scheme, composition scheme lapses and a registered person is required to file an intimation for withdrawal from the scheme in the FORM GST CMP-04 within 7 days of occurrence of such event. After opting out of the scheme, he has to pay tax as normal tax payer and issue tax invoice for every taxable supply made thereafter. Eligible for input Credit on the stock held by the assessee on date of withdrawal However, such person shall be allowed to avail the input tax credit in respect of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him and on capital goods held by him on the day immediately preceding the date from which he becomes liable to pay tax as normal taxpayer under Section 9 of the CGST Act, 2017.on the date of withdrawal and furnish a statement within 30 days of withdrawal containing the details of such stock held in FORM GST ITC-01 on the common portal.