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Priya Sharma (Account Manager)     30 July 2021

Composition.

Can I opt for composition schemes from registration date ?


 19 Replies

Nidhi

Nidhi (Chief Accountant)     30 July 2021

Yes, you can..
in Registration form you have a option to opt composition schemes.
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Ok, n if I want to change from normal to composition that what I have to do..
amendment in registration ?
Nidhi

Nidhi (Chief Accountant)     30 July 2021

No, If you want to switch to composition scheme, than you have to file form GST CMP 02
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Can I use ITC after change to composition as I have a ITC in credit ledger
Nidhi

Nidhi (Chief Accountant)     30 July 2021

No, you can use that ITC lying in your credit ledger.
you have to reversed ITC taken on closing stock via filing form ITC 03
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Means Whichever ITC in credit ledger , I have to reversed
Nidhi

Nidhi (Chief Accountant)     30 July 2021

No, Priya ji
You have to reversed the ITC taken on closing stock lying unsold as on switching date along with ITC on capital goods as per rule.
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

All ITC taken on closing stock required to be reversed ?
if I already have utilised that ITC, than what to do ?
Nidhi

Nidhi (Chief Accountant)     30 July 2021

Than you have to pay that in cash via filing from ITC 03
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

If I m providing services than also I can take composition scheme or only traders can opt for composition
Nidhi

Nidhi (Chief Accountant)     30 July 2021

If you are service provider, I that eligible criteria are different like turnover limit up to Rs. 50 lakh only.
if you are trader that eligibility criteria are different, rate of tax are also different for both the categories
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

What is eligible criteria and what is rate can you explain plz.
Nidhi

Nidhi (Chief Accountant)     30 July 2021

For Traders Turnovers limit 1.5 Cr/ 75 lakh
rate of GST is 1%
For Service providers turnover limit is 50 lakh
rate of GST is 6%
for more details you can refer section 10 and 10A of CGST Act
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Which rate is applicable if I am a trader and also providing services 1 or 6?

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