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composition scheme

29 April 2018

till march 2018 I m in regular scheme. but my turnover is less than 75 lakh. m from Manipur. I ve no itc to claim till now. only paying taxes. I would like to migrate in composition scheme

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8 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 29 April 2018

Any GST registered taxpayer who want to opt for the Composition schemefor FY 2018-19;

31st March 2018 is the deadline to file the intimation in Form GST CMP-02 to opt into composition scheme for the FY 2018-19.

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 April 2018

You can opt for composition anytime but same is allowed to you from next month... I.e if you opt today you are in composition scheme from may....

Also you have to fill CMP-02... on opting composition....

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 29 April 2018

As per Rule 3 CGST

3] Any registered person who opts to pay tax under section 10 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verificationcode, on the common portal, either directly or through a Facilitation Centre notified by theCommissioner, prior to the commencement of the financial year for which the option topay tax under the aforesaid section is exercised and shall furnish the statement in FORMGST ITC-03 in accordance with the provisions of sub-rule [4] of rule 44 within a periodof sixty days from the commencement of the relevant financial year.

As per rule also to opt for composition fro. regular , it has to be intimate prior the commencent of fy, & it true , as i myself tried one of client to change from regular to composit dealer last week but its not allowing me to do so.

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 30 April 2018

I also opt one of my client last week....

How it's possible....

New notification issued to opt composition anytime during the year.....

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 30 April 2018

But its also in Act under rule mention above

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 30 April 2018

Yes earlier rule was to opt at beginning of year but now you can opt any time...

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 30 April 2018

@ CA Rashmi

I have just try now to shift my client from regular to composit secheme , its not doing & the Error Display , "Cant opte for composition Levy for 2018-19"
So the portal is also follow the Rule

Actually in last financial year the limit (turnover) for composite was being frequently changed by council , in that scenario they might given leverage for opting of composition scheme any time, any day.