Conversion from normal scheme to composition scheme of gst

Mintu Shaw (Assistant Accounts Manager) (28 Points)
Replied 28 July 2017

u can convert from normal to composition thru online within 15th of August

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 28 July 2017

yes....it is possible.....
1. in case of transotion if you want to opt composition than you can do so by opting it before 16, but you will be assumes composition dealer from 1st july itself...hence you should not have charge gst from customer after 1st july.....
2. In normal case a regular dealer can opt composition before from 1st april of any financial year, provided he inform this to the authority before 1st april.....means you cannot convert from regular to composition dealer in the middle of a year...
3. you can convert from composition to regular dealer at anytime.
.

Neha Jain (Chartered Accountant) (1085 Points)
Replied 28 July 2017

YES It is possible

Biplab Mitra (Partner) (27 Points)
Replied 29 July 2017

How is it possible sir? Can you tell me tehe steps please?

Biplab Mitra (Partner) (27 Points)
Replied 29 July 2017

How is it possible sir? Can you tell me tehe steps please?

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 29 July 2017

first you tell me whether you are taking new registration or you have transitioned from earlier vat/excise law

jayesh pujara (Partner) (22 Points)
Replied 14 August 2017

What is the process of conversion of normal scheme to composition scheme under GST in case of new registration?

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 15 August 2017

you can opt composition only from 1st april, next year......

umesh (Student CA Final ) (147 Points)
Replied 02 September 2017

you mean to say that for new registration as of now it is not possible to get converted from normal to composition..

Then for example if any small retailer like kirana store gets new registration then till april of next year he will have to maintain all the records, he will have to file gstr 1, 2, and 3

but how is it possible sir?

pls guide onto this

Rohit Jangir (2 Points)
Replied 13 February 2018

i am Already Last 3 year as composition dealer.

but by mistake my CA opt me as a regular dealer.

and

July to sept.

Oct to Dec.

GST has deposit on 1% on Quartely Sale..

Now i saw in Profile shown as a Regular Dealers.

How can solve this problems...............

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 13 February 2018

did you file gstr 3b?I don't understand if you are regular dealer than how you were allowed to pay taxes @ 1%.

Kailasam Munisekhar (8 Points)
Replied 29 May 2018

Can I opt-in for composition scheme anytime during the year?

No. Before the beginning of every financial year, a registered taxpayer is required to provide a declaration on the GST Portal. This cannot be done anytime during the year.

What will happen if I opt out of composition scheme mid-year?

When a dealer opts out of composition scheme all the normal rules are applicable from the day of opting out.

For example, a composition dealer opts out of composition scheme on 15th October 2017. This means that the dealer will have to file two GSTR-4 for the quarters July – September, and October (15 days). The dealer will also have to file GSTR-1, GSTR-2, and GSTR-3 for the period of October 2017 (sales from 15th October until end of the month)

Kailasam Munisekhar (8 Points)
Replied 29 May 2018

Can I opt-in for composition scheme anytime during the year?

No. Before the beginning of every financial year, a registered taxpayer is required to provide a declaration on the GST Portal. This cannot be done anytime during the year.

What will happen if I opt out of composition scheme mid-year?

When a dealer opts out of composition scheme all the normal rules are applicable from the day of opting out.

For example, a composition dealer opts out of composition scheme on 15th October 2017. This means that the dealer will have to file two GSTR-4 for the quarters July – September, and October (15 days). The dealer will also have to file GSTR-1, GSTR-2, and GSTR-3 for the period of October 2017 (sales from 15th October until end of the month)

Kailasam Munisekhar (8 Points)
Replied 29 May 2018

Can I opt-in for composition scheme anytime during the year?

No. Before the beginning of every financial year, a registered taxpayer is required to provide a declaration on the GST Portal. This cannot be done anytime during the year.

What will happen if I opt out of composition scheme mid-year?

When a dealer opts out of composition scheme all the normal rules are applicable from the day of opting out.

For example, a composition dealer opts out of composition scheme on 15th October 2017. This means that the dealer will have to file two GSTR-4 for the quarters July – September, and October (15 days). The dealer will also have to file GSTR-1, GSTR-2, and GSTR-3 for the period of October 2017 (sales from 15th October until end of the month)