Composition to Reguar schem

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49 Points Posted on 23 July 2020
Can I opted regular scheem to FY- 2019-20
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On 23 July 2020 at 11:08 Report
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This discussion clarifies that it's not possible to opt for the regular scheme from the composition scheme for the financial year 2019-20. The deadlines for opting into the composition scheme for FY 2020-21 have also passed, with ITC-03 needing to be filed by 31st July 2020. Therefore, switching back to the regular scheme for these past financial years is not permitted.

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Partner - Audit & Assistance
4825 Points Posted on 23 July 2020

30/2020-CT provided the last date to opt for composition scheme was 30th June 2020, and ITC-03 must be filed by 31st July 2020 for FY 2020-21. 

For FY 2019-20 the last date was in April 2019 only (some extensions were available briefly). Therefore, cannot be opted for previous year in the current year. 

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On 23 July 2020 at 11:58
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Student
23693 Points Posted on 23 July 2020
Strictly No.....
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On 23 July 2020 at 14:11
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1313 Points Posted on 23 July 2020
No. You cannot opt to the regular scheme from composite scheme of the financial year 2019-20.
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On 23 July 2020 at 15:03
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GST Practitioner
55067 Points Posted on 24 July 2020
Not now .....
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On 24 July 2020 at 00:00

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