WITHDRWAN FROM COMPOSITION SCHEME

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This query is : Resolved

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If you've supplied liquor after opting for the GST composition scheme for your restaurant, you should have withdrawn within 7 days. Failing to do so means you'll likely face interest on delayed tax payments from 1st July 2020, at a standard rate of 18%. Penalties, potentially up to 100% of the tax due, may also be imposed by the department, though the lack of knowledge and COVID-19 disruptions could be considered.

Krishna Joshi

Krishna Joshi (Querist)
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21 October 2020 I HAVE OPTED COMPOSITION SCHEME FOR RESTAURANT ON NOV -2019 WHEN I ONLY SUPPLY FOODS BUT FROM JULY 2020 I HAVE SUPPLIED LIQUOR (ALCOHOL) BUT I NOT APPLIED FOR WITHDRAWN FROM COMPOSITION SCHEME WHICH I SHOULD DO WITHIN 7 DAYS FORM 01.07.2020.
NOW I AM APPLYING FOR WITHDRAWN FORM COMPOSITION SCHEME WHAT CONSEQUENCES WOULD BEAR TO ME FOR NON COMPLIANCE
PLEASE GUIDE ME SOON.

Lekhraj sood

Lekhraj sood (Expert)
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21 October 2020 You will have to pay tax from 1.7.2020 along with interest.

Krishna Joshi

Krishna Joshi (Querist)
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22 October 2020 ON WHAT RATE I HAVE TO PAY TAX.
FOR LATE APPLICATION WOULD I HAVE TO PAY ANT PENALTY

Lekhraj sood

Lekhraj sood (Expert)
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22 October 2020 The rate of GST will be 18%.Penalty may be levied depending on the facts of your case and the department officer up to 100% of tax.

Krishna Joshi

Krishna Joshi (Querist)
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22 October 2020 BUT THERE IS LACK OF KNOWLEDGE , AND DURING COVID PERIOD I AM NOT ABLE TO TAKE ADVICE FROM MY LEGAL ADVISOR.
SO WHAT STEP SHOULD I TAKE TO RELEASE FROM PENALTY. HERE I AM NOT FILED CMP 08 OF JULY TO SEP PERIOD

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