I applied for registration of GST as a composition dealer as last year my turnover is RS 70Lacs and also recieved the RC.
My 1st Quarter turnover is Rs 15 lacs approx.
Recently i watched the GST Masterclasse 3rd episode launched by Revenue secratery of India ( Dr Hasmukh Aadiya ) on youtube, In which they are saying that 1st quarter turnover is also to be included in the limit for calculating Turnover of Rs 75 Lacs.
Now, My concern is that i applied and received the Registration Certificate as a composition dealer by interpreting that my last yr turnover is below 75 lacs.
And as per Revenue Secretary of India , I m not eligible to opt for composition scheme , So in that case what should I do?
CAclubindia
