Registration under Composition Scheme

[Kamdev Senapati]

Dear Experts,

One Trader registered under GST composition scheme (quarterly return) and the turn over is below 75lacs

But the Trader wants to adopt Regular Scheme/Regular Business (Monthly Return) under GST.

How to process the same..

Is it possible to change over the same now...

Please guide on this....

[RAMESH PRAJAPATI]

You may refer to following CBEC - GST - FAQ

Q 25. Can a person paying tax under composition levy, withdraw voluntarily from the scheme? If so, how?

Ans. Yes. The registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04. Every person who has filed an application for withdrawal from the composition scheme, may electronically furnish, a statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date of withdrawal, within a period of thirty days of withdrawal.

[THYAGARAJAN KALYANASUNDARAM]

Dear sir,

This form is not provided in the portal so far.

[RAMESH PRAJAPATI]

Yes, GSTN portal is still not fully ready. We will have to wait.

AI Summary

Composition scheme withdrawal requires filing FORM GST CMP-04 and furnishing ITC-01 with stock details within thirty days. To withdraw from the composition scheme and adopt regular registration, a registered person must file a signed or verified application in FORM GST CMP-04 and electronically furnish FORM GST ITC-01 with details of inputs and inputs contained in semi finished or finished goods held in stock on the date of withdrawal within thirty days; availability of these forms on the GST portal may be pending.