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composition to regular

25 August 2017

one person by mistake opt for composition but later want to regular. what to do & which return he will file. now status composition

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9 Replies

CA Nipun Goyal (Practicing Chartered Accountant) (159 Points)
Replied 25 August 2017

I am assuming that his turnover has increased more than Rs. 75 Lakhs, then he will be automatically registered under normal provisions.

And after turnover of Rs. 75 Lakhs, he has to charge GST as per the applicable rates.

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Vineet Lundia (29 Points)
Replied 25 August 2017

after 5 september cmp4 form will be available on gst portal . fill the form then you will be treated as normal tax payer . and dont make any taxable sale

Parth (Director ) (36 Points)
Replied 01 September 2017

Hello sir, Thanks for the info. We have already raised GST tax invoices (with CGST SGST IGST) w.e.f 1st July just like normal tax payers to other regular dealers not knowing that we had been registered as composition dealer. Hence as per your info. after 5th September when the CMP-04 form will be available online for transition & after filling the same, can we pay the July and August months returns with necessary late penalty if any for July? The main reason for same is that our registered customers have already filed our July tax invoices on GST Portal and are waiting for us to file the same inorder for them to get the ITC for that month.

Hoping for your quick reply.

CA Rashmi Gandhi (Chartered Accountant) (86318 Points)
Replied 01 October 2017

Opt out option for composition started.

Parth (Director ) (36 Points)
Replied 01 October 2017

Hello. Thanks for the update. Can we opt out of composition and transit to regular dealer w.e.f 1st July 2017? And then pay the regular GST for July August with penalty if any.