how can convert gst compound to regular
how can get input on existing stong
any body can explain the procedure
2 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 November 2018
You can Switch over from Composite scheme to Regular Scheme any Time
by GST CMP-04
However, such person shall be allowed to avail the input tax credit in respect of the stock
of inputs and inputs contained in semi-finished or finished goods held in stock by him and
on capital goods held by him on the date of withdrawal and furnish a statement within 30
days of withdrawal containing the details of such stock held in FORM GST ITC-01 on the
common portal.
Note : As per Rule 4 CGST Act to switch from Regular to Composition can be possible only on the begining of Fy
by GST CMP-04
However, such person shall be allowed to avail the input tax credit in respect of the stock
of inputs and inputs contained in semi-finished or finished goods held in stock by him and
on capital goods held by him on the date of withdrawal and furnish a statement within 30
days of withdrawal containing the details of such stock held in FORM GST ITC-01 on the
common portal.
Note : As per Rule 4 CGST Act to switch from Regular to Composition can be possible only on the begining of Fy
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