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

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180 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
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On 01 June 2020 at 19:21 Report
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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.

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practising company secretary
3221 Points Posted on 01 June 2020
He can avail the benefits of itc when he is regular taxpayer but not after transformation from regular to composition dealer
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On 01 June 2020 at 23:22
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180 Points Posted on 02 June 2020
Ok sir, but what about the ITC he has already availed as well as his buyers availed
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On 02 June 2020 at 13:12

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