From composition to Regular

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292 Points Posted on 04 July 2020
A dealer is in Composite scheme since beginning..Now he wants to shift in Regular ., can he do , that too in middle of this year..If yes..what will be procedure and any other procedures to be followed..Treatment of Stock ???

please guide..thanks
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On 04 July 2020 at 19:24 Report
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Quick Summary
A dealer currently under the Composition Scheme wishes to switch to the Regular Scheme partway through the financial year, starting from July 1st. The discussion covers the eligibility criteria, the necessary procedures, and the treatment of existing stock. Key steps involve filing CMP4 and ITC-01 forms to claim Input Tax Credit on stock.

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23 Points Posted on 04 July 2020
U have to file CMP4 and ITC 01 for availing benefit of Itc on stock.
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On 04 July 2020 at 20:17
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4215 Points Posted on 05 July 2020
First the registered dealer must be in eligible for section 10 by invoking the provision
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On 05 July 2020 at 08:29
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292 Points Posted on 05 July 2020
What are the conditions laid in sec 10...and susequent procedure for coversion....
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On 05 July 2020 at 09:41
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4215 Points Posted on 05 July 2020
Are you regular return filer
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On 05 July 2020 at 12:31
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292 Points Posted on 05 July 2020
Yes filing under composition ..filed till 31 march 2020...I want to switch to Regular dealer...if possible from 1 july 2020
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On 05 July 2020 at 13:30

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