Question 15 - A person availing composition scheme during a financial year crosses the turnover of ₹ 50 Lakhs during the course of the year i.e. say he crosses the turnover of ₹ 50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March?
Faq On GST (2nd Edition) Dated 31.3.2017 Chapter 2 Levy of and Exemption from Tax
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Composition scheme: option lapses when aggregate turnover in a financial year exceeds the prescribed threshold; composition ceases immediately. If a person who has opted for the composition scheme has aggregate turnover during the financial year that exceeds the prescribed threshold, the option to ... Summary
Composition scheme: option lapses when aggregate turnover in a financial year exceeds the prescribed threshold; composition ceases immediately.
If a person who has opted for the composition scheme has aggregate turnover during the financial year that exceeds the prescribed threshold, the option to pay tax under the composition scheme lapses from the day on which the aggregate turnover exceeds that threshold and the taxpayer ceases to be eligible to remain under composition for the remainder of the financial year.
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