09 October 2022
Our turn over is likely to go above threshold limit of 1.5cr as there was price increase by suppliers. My question 1) when can I move to regular scheme & are there any condition ? 2) Will this increase tax outgo ? 3) what extra paper work to be maintained.
10 October 2022
The registered taxpayer who intends to withdraw from the composition scheme is required to file an intimation for withdrawal in FORM GST CMP-04 within seven days of the occurrence of any event that makes the business ineligible for the GST composition levy.
Switch from Composite Scheme holder to Normal tax payer Switching from composition scheme under current regime to normal tax payer under GST will attract transition provision and will be allowed credit of duties held in stocks as inputs or credit of value added Tax in respect of inputs and inputs contained in semi-finished or finished goods on the appointed date subject to the following conditions:
Such inputs or goods are used or to be used in the making of taxable supplies Not being a composite scheme holder Being eligible to claim credit of taxes The inputs were not such that credit was not admissible under the earlier law due to being mentioned in any schedule or otherwise Being in possession of invoice or document evidencing payment of duties under earlier laws w.r.t. inputs held in stock and semi-finished or finished goods Such invoices and/ or documents were issued maximum twelve months before the appointed date.
CAclubindia
