compostion scheme to regular in the middle of the year, Goods and Services Tax - GST

[Anurag Dhawan]

I am a composition dealer service provider nearing Gross turnover upto 50 lacs which i may achieve in the march month 1st week, i want to know how to file the return for the period Jan to Mar, can i file a normal compostion dealrer return and from next year onwards i will switch over to regular tax scheme, or during this period also i have to pay full tax on turnover over and above 50 lacs kindly advise

Posts / Replies

[KASTURI SETHI]

 You will have to file both returns in a routine manner. For more details, peruse Section 18(1) (c) of CGST Act.

[Shilpi Jain]

The moment you cross 50L you have to switch over to regular scheme. So invoices issued under regular scheme file as a regular taxpayer

For invoices issued for the period prior to this file composition taxpayer returns for Jan to Mar period.

[Shilpi Jain]

Ensure that when you switch over to regular tax scheme in this FY, you take the eligible credit if any in your stock.