Composition scheme effective date rules clarified: withdrawal date limits and retrospective denial conditions explained. Withdrawal from the composition scheme takes effect from the date indicated in FORM GST CMP-04 but not earlier than the commencement of the financial year in which it is filed. Denial of the composition option by the proper officer, after issue of FORM GST CMP-05 and reply in FORM GST CMP-06, must be ordered in FORM GST CMP-07 within thirty days and may be given effect prospectively or retrospectively but not prior to the date of contravention; tax, interest and penalty determination for the relevant period must be pursued under sections 73 or 74, and section 18(1)(c) governs credit on inputs held the day before the order.
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Composition scheme effective date rules clarified: withdrawal date limits and retrospective denial conditions explained.
Withdrawal from the composition scheme takes effect from the date indicated in FORM GST CMP-04 but not earlier than the commencement of the financial year in which it is filed. Denial of the composition option by the proper officer, after issue of FORM GST CMP-05 and reply in FORM GST CMP-06, must be ordered in FORM GST CMP-07 within thirty days and may be given effect prospectively or retrospectively but not prior to the date of contravention; tax, interest and penalty determination for the relevant period must be pursued under sections 73 or 74, and section 18(1)(c) governs credit on inputs held the day before the order.
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