withdrawal from composition can opted any time during the year
Menu
Withdrawal from composition under GST
Replies (2)
Quick Summary
Yes — withdrawal from the Composition Scheme under GST can be done at any time during the financial year, but with certain conditions.
"Yes, you can withdraw from the Composition Scheme at any time by filing Form CMP-04 on the GST portal within 7 days of becoming liable as a regular taxpayer. After withdrawal: (1) you move to regular GST and must start filing GSTR-1 and GSTR-3B from the next tax period; (2) you can claim Input Tax Credit on stock held on the date of withdrawal - declare this in Form ITC-01 within 30 days; (3) file any remaining composition returns (GSTR-4) for the period before withdrawal.
The transition date in CMP-04 determines when your regular compliance begins. If you are withdrawing because your turnover crossed Rs 1.5 crore, the timeline for filing CMP-04 is mandatory - delays can attract penalties."
Recent Topic
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
- Internal reconstuction
- IDS Refund – Annexure B & GSTR-3B Match,
- Can i should STCG and LTCG as business income ?
Related Topics
CAclubindia
