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Opt. for composition scheme


piyush (ca)     05 April 2020

piyush
ca 
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Hello everyone,

I registered one properitership under Gst in F.Y. 2019-20 under composition scheme. For F.Y. 2020-21 when I go for opt for composition scheme it shows that you are already opted for the same. why it show like that when I not opt. for F.Y. 2020 -21 for composition scheme

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inderjeet saini   05 April 2020

inderjeet saini

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It is GSTIN portal

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RAJA P M ("Do the Right Thing...!!!")     05 April 2020

RAJA P M
"Do the Right Thing...!!!" 
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@ Mr Piyush.,

If You are already in Composition scheme then no need to any inputs for continuing the scheme under Composition Scheme...

If You want to change / opt out from Composition scheme then You can take further action.

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piyush (ca)     05 April 2020

piyush
ca 
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Then how to opt for regular tax payer?

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RAJA P M ("Do the Right Thing...!!!")     05 April 2020

RAJA P M
"Do the Right Thing...!!!" 
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From regular to Composition will be convert at the year end (on March end)...

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piyush (ca)     05 April 2020

piyush
ca 
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Is it possible that opt for regular tax payer from composition tax payer?
if yes then how?

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RAJA P M ("Do the Right Thing...!!!")     05 April 2020

RAJA P M
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Https://cleartax.in/s/gst-composition-scheme

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piyush (ca)     06 April 2020

piyush
ca 
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Thanks

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RAJA P M ("Do the Right Thing...!!!")     06 April 2020

RAJA P M
"Do the Right Thing...!!!" 
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Welcome

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Shivam RC (Student)     06 April 2020

Shivam RC
Student 
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Q1). I registered one properitership under Gst in F.Y. 2019-20 under composition scheme. For F.Y. 2020-21 when I go for opt for composition scheme it shows that you are already opted for the same. Why it show like that when I not opt. for F.Y. 2020 -21 for composition scheme ?

ANSWER : As per Rule 5 sub Rule (2) of Chapter II of the CGST Rules 2017, A person registered under Composition Scheme is not required to give a Fresh intimation every year to opt for Composition Scheme.

EXTRACT FROM THE CGST RULES 2017 :

"The registered person paying tax under section 10 may not file a fresh intimation every year and he may continue to pay tax under the said section subject to the provisions of the Act and these rules."

Q2). Is it possible to opt for regular tax payer from composition tax payer ?

ANSWER : "YES". You have to file an application in FORM GST CMP -04, duly signed or verified through EVC, electronically on the common portal.

After filing FORM GST CMP -04, he needs to file a statement in FORM GST ITC -01 containing details of the stock of inputs and inputs contained in semi finished or finished goods held in stock on the date on which the option is withdrawn, within a period of "THIRTY DAYS" from the date from which the option is withdrawn.

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