Composition Scheme Is there any time limit to whether a regular scheme can be changed at any time during the current financial year? pl any other restrictions
As per Rule 6(3) of CGST act , can be withdraw from composition scheme to Regular taxpayer any time by Filing CMP04 . Yes to opt for composition scheme can be done only at beginning of FY.
Note : as per Rule 6(6)can take the credit of input tax in respect of inputs held in stock by filing ITC 01 within 30 days from the date of withdrawal
CAclubindia
