not opted for composition scheme
This query is : Open
20 August 2017
I have been filling under form-k(in the old portal ctd.tn.gov.in) until June2017. In GST Portal i have forgot to opt in for composition scheme. We have also already issued invoices(bill of supply) under composition scheme for July. its difficult for me to cancel the bills already issued. How should I proceed ?
20 August 2017
You can opt for composition only in next financial year if you are still eligible. Normally people who register within 30 days of breaching Rs.20 lakhs are allowed to revise their bills effective the date they breached this 20 lakhs and are also allowed to claim the ITC effective this date as their registration would be effective this date. In your case this may not hold as yours is an act of error or omission that can be adjusted only in time of next return. Errors and omissions can be reported only in next return. Therefore, for your error in July you adjust and rectify in August and then file. You may have to pay the interest as applicable. Maybe in the initial period they may condone the penalties for the lapse as you are already late for filing GSTR1.
Try filing and paying tax now that the date for payment of Tax in July is extended.
Try filing and paying tax now that the date for payment of Tax in July is extended.
20 August 2017
Thanks for the reply. Can you please tell me what should I do to those sale bills which I have already issued to the customers? Should I re work those bills and issue new tax invoices?
20 August 2017
If your customer is a registered assessee you can revise the bills and deposit the tax and take credit of your input. They too will get ITC. If the customer is not registered and you cannot get their cooperation, revise the bill to a tax included one and pay tax. If they cooperate and you can add the tax, then good for you. It is cheaper to learn from your mistake and pay the tax from your pocket rather than face consequences later.
20 August 2017
Thanks. Since we are a composite dealer earlier and now moved to regular scheme. What about the stock we held on 30jun17. Can we get input credit for the stock? Which form we have to file Trans1 or Trans2?
20 August 2017
Sorry, I myself am taking new registration as I was not required to register earlier under any law. However, you can file TRAN1 by the due date. TRAN2 due date is 30 Sep. Claim ITC on transitional stock and pay the difference between Output and ITC and Transitional ITC but you will have to make the payment in 3B by 25th August and if there is shortfall in payment they will charge you interest on the shortfall. For the moment they have not specified any penalties. Therefore do it by revised due date and sleep well.
20 August 2017
thanks sunil. so the tax to be paid is [output tax-input tax-transitional input]. am i right ?
20 August 2017
Okay. Thank you very much
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