Opting out of composition scheme- return filing criteria?
This query is : Resolved
29 November 2018
Hi,
What would be the ideal time period to opt of composition scheme?
And how much time does it take to opt out of composition scheme?
What are the implications of opting out on return filing?
For Example :
If I opt out of composition scheme on 30/11/2018, do I need to file GSTR 1 for the months oct and november or GSTR 4?
Example 2 :
If I opt out of composition scheme on 31st December 2018? Do I need to file just GSTR-4 for the 3rd quarter or do I need to file GSTR-1?
And also, if I apply on a particular date for opting out, will it be applicable from same day or not?
What would be the ideal time period to opt of composition scheme?
And how much time does it take to opt out of composition scheme?
What are the implications of opting out on return filing?
For Example :
If I opt out of composition scheme on 30/11/2018, do I need to file GSTR 1 for the months oct and november or GSTR 4?
Example 2 :
If I opt out of composition scheme on 31st December 2018? Do I need to file just GSTR-4 for the 3rd quarter or do I need to file GSTR-1?
And also, if I apply on a particular date for opting out, will it be applicable from same day or not?
30 November 2018
There is no such thing as ideal time to opt out of composition scheme. Only thing to remember is that it is better to opt out of composition after the end of a particular quarter and not in the middle.
Example 1- It all depends upon your dashboard shown on GSTN portal.
Example 2- You only need to file GSTR-4.
It is applicable on the day of opting out.
You can take credit of GST paid stock if any as lying on the penultimate day of opting out of composition by filling online form ITC-01 within 30 days of opting out.
Example 1- It all depends upon your dashboard shown on GSTN portal.
Example 2- You only need to file GSTR-4.
It is applicable on the day of opting out.
You can take credit of GST paid stock if any as lying on the penultimate day of opting out of composition by filling online form ITC-01 within 30 days of opting out.
08 December 2018
@CS Abhishek Goyal
Thank you for the response.
I think you cleared all of my doubts.
Thank you for the response.
I think you cleared all of my doubts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
