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wrongly opted composition scheme for service providers @6% instead of 1%
we run medical shop and we were voluntary registered as regular trader and file monthly returns. Now for fy 19 20 we decide to opt for composition scheme but wrongly we apply under 6% composition scheme instead of 1% scheme. now how to go in 1% composition scheme. any penalty we have to pay? what steps to correct pl suggest
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One of the option seems to be opt out of the composition scheme, before end of the FY 2019-20.
From next year opt for correct composition scheme...
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