Charges on Composition to Regular

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Jds (Querist)
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01 October 2021 Hi, we have a gold jewellery shop since 20 years, we had opted for composition scheme since gst came in 2017, want to change to regular. Do we have to pay gst on the stock held by us on the closing date? Are there any hidden charges while going to regular?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 October 2021 To withdraw from Composition levy, taxpayer is required to fill the Form GST CMP-04.
After filing the application to withdraw from the Composition levy, taxpayer is required to file statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock on the date on which the option is withdrawn.
No more tax liability at the time of conversion to Regular scheme.

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