opt out from composite scheme

If your aggregate turnover is below Rs. 50 Lacs.

Hi K V Madhan Mohan,

If you are already a registered person under goods and service tax act, 2017 and you want shift from regular scheme to composition scheme. Than you can easily move to composition scheme by filling the below mentioned form but one thing you should kept in mind you will not able to withdraw from the scheme before the completion of that financial year in which you opt for the composition scheme.

a) Intimation in FORM GST CMP- 02 for exercise option

b) Statement in FORM GST ITC- 3 for details of ITC relating to inputs lying in stock, inputs contained in semi-finished or finished goods within 60 days of commencement of the relevant financial year.

Thanks,

Abhishek