Regular to composition.....

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Self employed
2193 Points Posted on 15 March 2022
dear colleagues
gud noon
ek individual firm hai usse Composition me transfer krna hai 1-4-22 se....
kya process rhega ??
or kab tak ho skta hai??
or closing stock ka treatment kya rhega??
kafi confusion hai... please guidance ya koi link provide kre🙏🙏


regards
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On 15 March 2022 at 20:16 Report
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Quick Summary
This discussion covers the process for an individual firm to transfer from the regular GST scheme to the composition scheme from April 1st, 2022. Key questions revolve around the application procedure, timelines, and the treatment of closing stock. Guidance suggests an online application via the GST portal and reversing Input Tax Credit (ITC) on closing stock, as composition dealers cannot claim this credit.

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CFO- at NHTF
58280 Points Posted on 15 March 2022
You can fill the application online from GST portal after login to opt for composition scheme from regular.

You must reverse the ITC lying in closing stock if it is already utilised
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On 15 March 2022 at 20:23
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Profession
28267 Points Posted on 16 March 2022
Input tax credit lying in closing stock can't be availed by a composition dealer.
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On 16 March 2022 at 07:02
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Self employed
2193 Points Posted on 16 March 2022
Ok sir... sir ek or confusion hai ki sirf input jo books me hi vo hi reverse krni hai yaa closing stock per koi additional tax/libilty bhi???
or sir konsa form fill krna padega ??
or kab??
pura clear kro sir ji
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On 16 March 2022 at 07:15
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Profession
28267 Points Posted on 19 March 2022
Transfer from composition dealer to regular
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On 19 March 2022 at 07:46

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