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Registration under composition scheme

SSG (1936 Points)

07 May 2018

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.

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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