One of the entity is a Composition Dealer (services) till now. Have been filing CMP-08 every quarter. Turnover crosses 50 lacs on 20th Oct 2021.
Queries :
1. From when is one liable to get himself Regd under Regular scheme? I mean change from Composition to Regular? From the next month i.e. Nov 2021? Next quarter i.e. Jan-Mar 2022? Or next FY i.e. FY 2022-23?
2. Till which date / what period one can continue raising Bill of Supply?
3. From which date / what period one has to start raising Tax Invoices?
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Conversion from Composition to Regular - When?
Replies (1)
Please go through Section 10(3) of CGST / SGST Act.
Composition scheme shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds the limit.
Composition scheme shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds the limit.
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