Composition scheme
This query is : Resolved
rishabh bhatia
(Querist)
09 July 2017
Hi,
I applied for registration of GST as a composition dealer as last year my turnover is RS 70Lacs and also recieved the RC.
My 1st Quarter turnover is Rs 15 lacs approx.
Recently i watched the GST Masterclasse 3rd episode launched by Revenue secratery of India ( Dr Hasmukh Aadiya ) on youtube, In which they are saying that 1st quarter turnover is also to be included in the limit for calculating Turnover of Rs 75 Lacs.
Now, My concern is that i applied and received the Registration Certificate as a composition dealer by interpreting that my last yr turnover is below 75 lacs.
And as per Revenue Secretary of India , I m not eligible to opt for composition scheme , So in that case what should I do?
Please Suggest...
I applied for registration of GST as a composition dealer as last year my turnover is RS 70Lacs and also recieved the RC.
My 1st Quarter turnover is Rs 15 lacs approx.
Recently i watched the GST Masterclasse 3rd episode launched by Revenue secratery of India ( Dr Hasmukh Aadiya ) on youtube, In which they are saying that 1st quarter turnover is also to be included in the limit for calculating Turnover of Rs 75 Lacs.
Now, My concern is that i applied and received the Registration Certificate as a composition dealer by interpreting that my last yr turnover is below 75 lacs.
And as per Revenue Secretary of India , I m not eligible to opt for composition scheme , So in that case what should I do?
Please Suggest...
CA R SEETHARAMAN
(Expert)
09 July 2017
You can opt out of composition scheme.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Urd purchase entry in tally prime
- GSTR-9C filing
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
