Need advise on changing composition to regular gst scheme

Composition is always a additional tax burden. Following are the points to be kept in mind while deciding :-

1. As a regular dealer you will be able to get the credit and adjust the same against output liability. However, compliance has to be taken care in such things. Monthly 3 returns (as per the act) has to be filed against 1 for every 3 months in case of composition. The filing of those returns comes with some professional fees.
2. Maintenance of books in case of composition is much simpler.
3. You can save 1% of the composition tax. your margin will increase by 1%.

compare both the scheme in terms of cost benefit analysis and then take decision.

Hello SUDHINDRA , We have been told that for our turnover we will have to file quarterly returns only even in regular scheme, Please let me know if it is not correct, and we will have to file 3 returns in regular even for less turnover

 

 

 

 

For turnover less than 1.5 crore... Quarterly return is there... Now only GSTR3B upto march..

But when ur itc lapse i mean full utilise then u hv to pay normal tax rate... And not all day u have sufficient ITC... On profit portion u hv to pay normal gst rate

upto the month of March regular person should file GSTR 3B every month and gstr 1 quarterly for your turnover. GSTR 2 and 3 are yet to be notified for the period. However from April it may change to three returns.

Further, there are speculations that number of returns and periodicity of filing may reduce.

I feel to wait till next council meeting and take a call

Hello Sir, Can we make switch from composition to regular any time or we will have to do in April 2018 at the beginning of financial year.
@ Divakar , Does ITC lapse after some time or it keeps accumulating if not used ? As a normal business, we always have purchase higher than sale and stock keeps increasing a bit every year.
 

You can switch off to normal scheme now windows is open.... And itc never lapsed if u hv sufficient itc then it is carried forward after adjusting against ur output liability.... Yes u should go for normal scheme if u hv always sufficient stock