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opt out from composite scheme

K V Madhan Mohan (87 Points)

14 September 2017

When can I opt out from composition scheme,...

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5 Replies

Abhishek (Senior Audit Assistant) (39 Points)
Replied 14 September 2017

If your aggregate turnover is below Rs. 50 Lacs.

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priyanka (Accountant) (32 Points)
Replied 14 September 2017

If your previous year turnover is below Rs. 75 Lakhs then you can apply for composition scheme.

K V Madhan Mohan (87 Points)
Replied 14 September 2017

thank Abhishek sir,..
but my question is when can I opt out ie convert composite to regular dealer,..???

Abhishek (Senior Audit Assistant) (39 Points)
Replied 14 September 2017

Hi K V Madhan Mohan,

If you are already a registered person under goods and service tax act, 2017 and you want shift from regular scheme to composition scheme. Than you can easily move to composition scheme by filling the below mentioned form but one thing you should kept in mind you will not able to withdraw from the scheme before the completion of that financial year in which you opt for the composition scheme.

a) Intimation in FORM GST CMP- 02 for exercise option

b) Statement in FORM GST ITC- 3 for details of ITC relating to inputs lying in stock, inputs contained in semi-finished or finished goods within 60 days of commencement of the relevant financial year.

Thanks,

Abhishek