Switch over from composition to regular scheme

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2018 We are GST Holder under Composition Scheme, now we want to Regular Scheme from 1st April 2018, my question is when we apply. can we apply in the month of April 2018. and what we do for claim ITC on Stock.

Udaya Chandran

Udaya Chandran (Expert)

30 March 2018 You have to file the application before 31st Mar 2018. You also need to file the ITC 03 for reversal of ITC held in stock.

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2018 Sorry Sir, but my question is revert as per your answer.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)

31 October 2021 In order to opt-out of the Composition Scheme, the taxpayer has to file an intimation. File the intimation to withdraw from the composition scheme in the Form GST CMP-04 on GST Portal. The Taxpayer will also have to provide details of the stock of inputs, inputs contained in semi-finished and finished goods in form GST ITC-01. Further, submit details within a period of 30 days from the date of filing an intimation.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)

31 October 2021 Furthermore, taxpayers are eligible to claim Input Tax Credit (ITC) on their purchases after opting-out. ITC is available subject to the following conditions:
The ITC claimed on purchasable goods are for producing taxable supplies.
The ITC claimed on the basis of the invoices/documents should be available.
The date of the invoice should be within 12 months from the appointed date.
Reduce the credit on capital goods by such percentage points as may be prescribed.

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