Crossing of turnover after composition limit

If your business is under the GST composition scheme and your turnover is approaching the 50 lakh limit, it's crucial to understand the next steps. You must inform the authorities in the month you cross the limit and opt out of the composition scheme by filing CMP-04 within 7 days. After this, you'll be subject to regular tax rates and can claim Input Tax Credit (ITC) on stock and capital goods by filing ITC-01.