Master in Accounts & high court Advocate
9610 Points
Posted on 07 March 2025
You can opt for the Composition Scheme, but there are some conditions to consider.
Since you already have a regular GST number, you'll need to file GST CMP-02 to opt for the Composition Scheme.
However, keep in mind that the Composition Scheme has specific eligibility criteria, such as: -
*Turnover Limit*: Your annual turnover should be less than Rs. 1.5 crore (Rs. 75 lakh for North-Eastern states and Himachal Pradesh). -
*Business Nature*: You should be a supplier of goods or services, excluding specific categories like interstate supplies, non-taxable supplies, and those under the Reverse Charge Mechanism.
If you meet these conditions, you can apply for another GST number as a composition dealer.
But, it's essential to carefully evaluate the implications of the Composition Scheme on your business, including the tax rates, compliance requirements, and potential benefits.