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composition scheme
Does the increase in threshold limit from 20L to 50L from april 1 2019 means dealers who have gst registration no but turnover between 20L to 50L have to surrender their gst registration no.? Or they can continue to have the gst registration? If they continue to have the gst registration than do they need to file annual returns still and pay gst liability under composition scheme?
Replies (4)
First of all limit is increased to 40L from 20L and not 50L from 20L.
No, dealers who have gst registration no but turnover between 20L to 50L does not have to surrender their gst registration no..
Yes, If they continue to have the gst registration than they do have to file annual returns and pay gst liability under composition scheme or regular as applicable.
Than it's better to surrender or else though not mandarory but one has to pay gst liability and also for return
Yes.
good clarification and information
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