Composition Scheme of GST

When can we apply for composition scheme of GST for the FY 2020-21? and what are the important points we need to keep in mind when we opt in for composition scheme?

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Quick Summary
This discussion addresses the eligibility and application period for the GST Composition Scheme for the financial year 2020-21. It also highlights important considerations for businesses opting into the scheme, particularly concerning the reversal of Input Tax Credit (ITC) on stock held at the end of March 2020 and the associated payable amounts.

On Year end at March-20...

ITC will be reversible and Payable on Stock...

Which ITC has to be reversed? for the stock available with us?

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