Composition Scheme Eligibility

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Vishesh Jain

5 Points Joined December 2017

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.)

Replies (7)

Rakesh Sarswath

Article Student-GST Specialization

190 Points Joined January 2016

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.

Vishesh Jain

5 Points Joined December 2017

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 ?