A person has got registration under Composition Scheme in April 2018. He is running a business of retail and wholesale of threads and buttons etc, since 2015. Do he needs to file any form for the stock in hand as on date of geeting Composition Registration. Please advise.
3 Replies
john legend
(376 Points)
Replied 07 May 2018
For persons who applied for fresh register under GST to opt scheme
For fresh registration under the scheme, intimation in FORM GST REG- 01 must be filed.
3. Registered under GST and person switches to Composition Scheme
Every registered person under GST and opts to pay taxes under Composition Scheme, must follow the following:
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
For fresh registration under the scheme, intimation in FORM GST REG- 01 must be filed.
3. Registered under GST and person switches to Composition Scheme
Every registered person under GST and opts to pay taxes under Composition Scheme, must follow the following:
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
SSG
(1936 Points)
Replied 07 May 2018
Thanks. The person wasn't registered under earlier VAT or under GST. So do he need to submit any form regarding stock in hand?
john legend
(376 Points)
Replied 07 May 2018
nope becoz u would have taken fresh regn in form gst reg 01
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