Hello everyone,
I registered one properitership under Gst in F.Y. 2019-20 under composition scheme. For F.Y. 2020-21 when I go for opt for composition scheme it shows that you are already opted for the same. why it show like that when I not opt. for F.Y. 2020 -21 for composition scheme
12 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 April 2020
@ Mr Piyush.,
If You are already in Composition scheme then no need to any inputs for continuing the scheme under Composition Scheme...
If You want to change / opt out from Composition scheme then You can take further action.
If You are already in Composition scheme then no need to any inputs for continuing the scheme under Composition Scheme...
If You want to change / opt out from Composition scheme then You can take further action.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 April 2020
From regular to Composition will be convert at the year end (on March end)...
piyush
(ca)
(79 Points)
Replied 05 April 2020
Is it possible that opt for regular tax payer from composition tax payer?
if yes then how?
if yes then how?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 April 2020
Https://cleartax.in/s/gst-composition-scheme
Shivam RC
(Student)
(23683 Points)
Replied 06 April 2020
Q1). I registered one properitership under Gst in F.Y. 2019-20 under composition scheme. For F.Y. 2020-21 when I go for opt for composition scheme it shows that you are already opted for the same. Why it show like that when I not opt. for F.Y. 2020 -21 for composition scheme ?
ANSWER : As per Rule 5 sub Rule (2) of Chapter II of the CGST Rules 2017, A person registered under Composition Scheme is not required to give a Fresh intimation every year to opt for Composition Scheme.
EXTRACT FROM THE CGST RULES 2017 :
"The registered person paying tax under section 10 may not file a fresh intimation every year and he may continue to pay tax under the said section subject to the provisions of the Act and these rules."
Q2). Is it possible to opt for regular tax payer from composition tax payer ?
ANSWER : "YES". You have to file an application in FORM GST CMP -04, duly signed or verified through EVC, electronically on the common portal.
After filing FORM GST CMP -04, he needs to file a statement in FORM GST ITC -01 containing details of the stock of inputs and inputs contained in semi finished or finished goods held in stock on the date on which the option is withdrawn, within a period of "THIRTY DAYS" from the date from which the option is withdrawn.
ANSWER : As per Rule 5 sub Rule (2) of Chapter II of the CGST Rules 2017, A person registered under Composition Scheme is not required to give a Fresh intimation every year to opt for Composition Scheme.
EXTRACT FROM THE CGST RULES 2017 :
"The registered person paying tax under section 10 may not file a fresh intimation every year and he may continue to pay tax under the said section subject to the provisions of the Act and these rules."
Q2). Is it possible to opt for regular tax payer from composition tax payer ?
ANSWER : "YES". You have to file an application in FORM GST CMP -04, duly signed or verified through EVC, electronically on the common portal.
After filing FORM GST CMP -04, he needs to file a statement in FORM GST ITC -01 containing details of the stock of inputs and inputs contained in semi finished or finished goods held in stock on the date on which the option is withdrawn, within a period of "THIRTY DAYS" from the date from which the option is withdrawn.
Piali Roy Chowdhury
(605 Points)
Replied 06 April 2020
Very well explained Shivam...👌👌👌
What is the relevance of FORM GST CMP -07 ???
What is the relevance of FORM GST CMP -07 ???
CA Uma Sankar
(Member)
(75 Points)
Replied 06 April 2020
Dear Pilay Roy Chowdhury,
If proper officer has reason to believe that you are no more eligible to continue as composite dealer or if he thinks that you have violated the eligibility conditions of composition dealer, he issues Show Cause Notice in Form GST CMP-05.
Within 15 days, you need to reply to that notice in Form GST CMP-06.
Within next 30 days, proper officer will issue order in Form GST CMP-07 either accepting your reply and allow you to continue as composite dealer or reject your reply thereby asking you to pay GST as regular tax payer.
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