Composite to Regular Scheme Conversion

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Business
28 Points Posted on 09 April 2021

Hi,

Firm was registered in the second quarter under composite scheme and bill raised to customer showing as total bill value. Filing done in composite scheme in 2nd and 3rd quarter, but customer is asking for their input credit, explained to the customer but not accepting. Hence, would like to change from Composite scheme to regular scheme. Is it possible to change from 2nd quarter in regular scheme and do revised return or else i can make changes only in 4th quarter. Please guide, what to do....

Regards,

Mallika.P

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On 09 April 2021 at 23:00 Report
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Quick Summary
A business registered under the composite scheme wants to switch to the regular scheme from a previous quarter because customers are requesting input tax credit (ITC). While it's generally not possible to change GST schemes retrospectively, the discussion explores options for making the change and whether revised returns can be filed. The consensus suggests that retrospective changes and invoice amendments for past quarters are unlikely, but opting out of the composite scheme is possible at any time.

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2742 Points Posted on 09 April 2021
In my view it's not possible to change the invoice for 2nd and 3rd quarter
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On 09 April 2021 at 23:29
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1011 Points Posted on 10 April 2021
Can opt out any time. necessary forms to be filled. can claim I t c on stock
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On 10 April 2021 at 02:21
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309 Points Posted on 10 April 2021
No, you cannot take retrospective registration in GST. However, in your case if we presume that its possible then, your customer will have to pay for the gst amount in order to avail ITC, and the position for that customer remains same
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On 10 April 2021 at 08:34
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Chief Accountant
3150 Points Posted on 11 April 2021
No, you can't
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On 11 April 2021 at 02:27

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