eligibility

Businesses with annual turnover upto Rs 1.5 crore* can opt for composition scheme.
. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.
Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition scheme.

No you can't opt for composition scheme as you are above 50 lakhs in previous year.

No you can opt the composition scheme only before start of Fy , As per Rule 3 CGST act

Limit for compsotion scheme is 1crore
for north east state its 75 lac

Note. 1.5 crore limit is deceded in council meeting but no notification issue till date
(For 1.5 crore limit Act has to be ammend , thats why no notification)