Conversion from Composition to Regular

463 views
User Avatar

292 Points Posted on 11 July 2020
My client is a composition Dealer From beginning of GST..Now he wants to become a Regular Dealer..He has filed all Returns upto 30 June 2020..He wants to change w.e.f 01 July 2020...Is it possible...My queries and doubts are :-

1..How to Apply.
2.Whether it is possible in the mid of this year.
3.What will happen of stock in hand on 30 june...Any Reporting of the same is to made..
4..Today is 11 July whether Application can be made to get effect from 1 July 2020

Deae EXPERTS Please guide and help .Thanks
2 Reply Share Follow
On 11 July 2020 at 08:18 Report
Replies (5)
Quick Summary
A client wishes to switch from a GST composition scheme to a regular dealer scheme from July 1st, 2020, having filed all returns up to June 30th. Key questions involve the application process, feasibility mid-year, handling stock on hand, and the possibility of applying retrospectively. While some advice suggests conversion isn't possible mid-year and requires waiting for the next financial year, others recommend filing an intimation in Form GST CMP04 and reporting stock in Form ITC01 prior to the change.

User Avatar

284 Points Posted on 11 July 2020
You Can't Go Composition To Regular In Middle Of The Year ,
1 Reply
On 11 July 2020 at 08:24
User Avatar

19 Points Posted on 11 July 2020
You can't convert from composition to regular now, will have to wait for next fy
Reply
On 11 July 2020 at 10:12
User Avatar

Accountant
53 Points Posted on 11 July 2020
If turnover exceeds the prescribed limit, he will automatically converted into regular scheme and an intimation is to be given in such case.
1 Reply
On 11 July 2020 at 11:44
User Avatar

1313 Points Posted on 11 July 2020
At first you should file an intimation in form GST CMP04.Then you should intimate stock of material prior to that date in Form ITC01.
1 Reply
On 11 July 2020 at 12:19
User Avatar

4215 Points Posted on 12 July 2020
Don't break in the middle of the year
Reply
On 12 July 2020 at 17:07

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Reconciliation Tool (2A vs Books) - looking fo
  2. TDS ON PF FORM 19 WITHDRAWAL
  3. Can a virtual office in Mumbai be used for company
  4. Eway and e invoicing in condition where 4 party ar
  5. Bank balance in ITR-3
  6. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  7. Tempsens Instruments IPO GMP Allotment Listing dat
  8. Upload Type - Correction. Not showing in TDS filli
  9. Partnership tax audit query
  10. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V

More recent discussions | Post

Related Topics :

Loading