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Opting of regular taxpayer from composition scheme during the Financial year-reg

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Vikasanand Gupta

110 Points Posted on 01 June 2020

sir,
one of my friend has opted regular taxpayer from January 2020 from composition scheme, however, he got realised that he has erroneously changed the pattern of composition scheme to regular taxpayer.
he has availed the ITC as well as his buyer have also taken ITC.

what is the procedure for rectifying the said falt.
pls explain along with relevant sections and rules.

thanks

Replies (2)

Quick Summary

This discussion addresses an individual who incorrectly switched from the composition scheme to a regular taxpayer during the financial year. They have already availed Input Tax Credit (ITC) and their buyers have also claimed ITC. The user is seeking guidance on the procedure to rectify this erroneous change, including relevant sections and rules, and how to handle the already claimed ITC.