one of my client has switched from regular to composition w.e.f. 1/8/2017 by filing CMP 02 while his CA has not filed ITC 03 and his composition levy was invalid because of his aggregate turnover of the preceding FY which was 103 lakhs. And now he filed only two quarters returns from july 17 to dec 17. while his turnover for the FY 17-18 was 120 lakh as per tax audit report and on which his VAT turnover was 65 lakh and GST turnover was 55 lakhs.
Now please suggest me what should I do? As per my opinion now switching from composition to regular is the best option for him.
Client Must Address Non-Compliance in GST Scheme Switch; File ITC-03 or Face Penalties, Seek Officer's Help A client switched from a regular GST scheme to a composition scheme on August 1, 2017, but failed to file ITC-03, rendering the switch invalid due to an aggregate turnover exceeding the limit. The client only filed returns for two quarters from July to December 2017, with a fiscal year 2017-18 turnover of 120 lakhs. It was suggested to switch back to the regular scheme. The response advised approaching the jurisdictional GST Officer to report the situation, pay penalties for non-compliance, and seek assistance to correct the status on the Common Portal System, allowing the switch back to the regular GST scheme. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
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