Gst Composition Query

Yes , you can withdraw from Composition scheme on 1/4/19 & the effective date can be 1/4/19

Cannot be beyond fy

@ Mr Pankaj Rawat ji.,


One of My friend have Medical Shop with GSTIN. He is now under Regular Scheme. He will opt Composition SCheme.

How can we convert from Regular to Composition scheme....

 

Pls see the Details here

Ope.ITC (FY 17-18) -  28734

Pur (1633592 FY 18-19) ITC  - 104749 = 133483

Sale (1548757 FY 18-19) Lia - 95459 = (133483 - 95459 = 38024 Clo Bal.

 

Now, How to convert composition...?

How to show Stock...?

How to reverse ITC & which values...?

 

 

Please give your replies...

As per Rule 3 of CGST Act:

To Opt for Composition Scheme:
File Form CMP-02 online on the portal prior to the commencement of FY

As per Section 18(4) read with Rule 44(4):

File ITC 03 online by paying input in stock or capital goods held in Stock by Debiting Electronic Credit Ledger & Electronic Cash Ledger .
Following details for stock to be provided:
Quantity and value of all stock of inputs held in stock, inputs contained in semi-finished or finished goods held in stock, and capital goods has to be furnished where invoices are available and where invoices are not available separately.



Note : ITC 03 is to filed within 180days from Date you opted for Composition Scheme.
To Set-off the Total Liability (On Stock) , there must be Relevant balance in ECL or in CL

Sir.,
Thanks for the reply...

What I ask here... As per my query and it's details...

What are the steps required..?
Any payment will payable at the time of conversion...?
Cl bal of itc only will reverse or any payment payable...?

Payment is to be made on the tax Liability arsing on Closing stock you declares.

on Portal under Return Tab select ITC 03
On screen you will find 2tabs 4A & 4B .
Select 4B, , Under 4b you will find 4 options :

Goods details with invoices

Goods details without invoices

Amount of ITC payable and paid

Debit entries in cash/ credit ledger for tax payment

Select the First option & provide the stock detail Bill wise. , ..You can select 2nd option also But in that you have to upload CA certificate with name of person certifying.

after filling stock detail , on main page Open tab "Amount of ITC payable or paid" , The balance in credit & cash ledger can set-off against the liability .,else a challan gets generated with auto-populated details of the amount to be  paid. This amount can be paid online by NeftlRtgs.

File your ITC 03 by EVC or DSC

Thanks for the Detailed reply Mr Pankaj Sir...


I want some more details...

If I opt composition then I reverse the itc and pay cash payment...!

Cash payment means what...?

is pay at the time of conversion or after sale of goods...?

Originally posted by : S ELAVARASI
	Thanks for the Detailed reply Mr Pankaj Sir...I want some more details...If I opt composition then I reverse the itc and pay cash payment...!Cash payment means what...?is pay at the time of conversion or after sale of goods...?

 

Please reply this one Sir...

good clarification and information