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.)
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.
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