If the last financial year turnover was 60lacs (i.e more than 50lacs) can the dealer still opt for composition scheme under the GST regime from July 1, 17 onwards ?
Would the answer to the above query be different if instead of converting the old Tin No. to GSTN, the dealer files for a fresh registration under composition and the old regn is put for cancellation (Firm name, Prop and PAN remains same.)
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Composition Scheme Eligibility
Replies (7)
Dear,
Limit for opting to composition scheme has been revised from Rs. 50 lacs to Rs.1.50 crores in recent GST council meet.
It does not make any difference even if you migrate or take new registration as for opting under composition scheme previous year turnover shall be looked in however if there was no turnover in previous year then based on an estimate of current year TO you can opt for composition scheme.
Dear sir,
You're correct that the limit has been revised from 50lacs to 150lacs, but that limit pertains to the current year, whereas my query relates to the tuorver of previous financial year and subsequent eligibility. Could you please clarify if I'm missing something ?
You're correct that the limit has been revised from 50lacs to 150lacs, but that limit pertains to the current year, whereas my query relates to the tuorver of previous financial year and subsequent eligibility. Could you please clarify if I'm missing something ?
Yes...
It's for previous year (FY 16-17) Turn Over...
It's for previous year (FY 16-17) Turn Over...
In case you reached above ceiling limit in current year then your registration is automatically convert into regular scheme...
so the change from 50lacs to 150lacs is for the previous and current year both ? am I right ?
Any one year Turn Over... Not calculated both year values...
Limit for Composition is raised to 1 Cr.. it is proposed to enhance the limit to 1.5 Cr.
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