One of the Service Provider is under composition scheme and turnover is below 50 lacs but this current year very likely the Turnover may cross 50 lacs,
my concern and querry
1. What are the actions are to be taken after T O crosses.
2.The rate of Tax thereafter , and the legal procedure of information to be given on Portal
3. And whether ITC will be available after that Date .
please clear my Doubts/ Querries
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Crossing of turnover after composition limit
Replies (4)
Quick Summary
Registered or not
compliance
compliance
Registered in GST under composition scheme
Intimation should be given in the month in which the Turnover Crosses the limit. From that month, all ITC can be claimed based on the justification of crossing Turnover. Keep all records for any future inquiry.
1. Need to opt out of Composition Scheme by filing for CMP-04 online on portal within 7days (Rule 6)
2. Rate will as per Regular scheme & can file ITC 01 & can claim ITC on stock & capital goods.(Rule 40)
3. Yes ITC will be available from date of filing CMP'04
2. Rate will as per Regular scheme & can file ITC 01 & can claim ITC on stock & capital goods.(Rule 40)
3. Yes ITC will be available from date of filing CMP'04
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