gekco (B.Com) (170 Points)
28 February 2018Hello Sir, We are registered under composition GST, our annual turnover is 45-50 lakhs. Our accountant is suggesting us to switch from composition to GST so we can save 45-50K that are paying quarterly as 1% of turnover by taking benefit of input credit from purchases.
Please give your suggestions if switch is recommended. I used to think that composition was more cost saving but now it seems more expensive when compared to regular scheme.
CA SUDHINDRA D S
(Practising CA)
(761 Points)
Replied 28 February 2018
sunita
(partner)
(124 Points)
Replied 28 February 2018
gekco
(B.Com)
(170 Points)
Replied 28 February 2018
Hello SUDHINDRA , We have been told that for our turnover we will have to file quarterly returns only even in regular scheme, Please let me know if it is not correct, and we will have to file 3 returns in regular even for less turnover
Divakar
(Student CA Final )
(11857 Points)
Replied 28 February 2018
Divakar
(Student CA Final )
(11857 Points)
Replied 28 February 2018
CA SUDHINDRA D S
(Practising CA)
(761 Points)
Replied 28 February 2018
gekco
(B.Com)
(170 Points)
Replied 01 March 2018
Hello Sir, Can we make switch from composition to regular any time or we will have to do in April 2018 at the beginning of financial year.
@ Divakar , Does ITC lapse after some time or it keeps accumulating if not used ? As a normal business, we always have purchase higher than sale and stock keeps increasing a bit every year.
Divakar
(Student CA Final )
(11857 Points)
Replied 01 March 2018
CAclubindia
