compostion scheme to regular in the middle of the year

[Anurag Dhawan]

I am a composition dealer service provider nearing Gross turnover upto 50 lacs which i may achieve in the march month 1st week, i want to know how to file the return for the period Jan to Mar, can i file a normal compostion dealrer return and from next year onwards i will switch over to regular tax scheme, or during this period also i have to pay full tax on turnover over and above 50 lacs kindly advise

AI Summary

GST Transition: Dealer Nearing 50 Lakh Turnover Considers Switch from Composition to Regular Scheme, Files Dual Returns. A composition dealer nearing a gross turnover of 50 lakhs inquires about filing GST returns for January to March, considering a switch from the composition scheme to the regular tax scheme. One response advises filing both composition and regular returns, referencing Section 18(1)(c) of the CGST Act. Another response suggests switching to the regular scheme upon exceeding 50 lakhs, filing regular taxpayer returns for new invoices, and composition returns for earlier invoices. It is also recommended to claim eligible credit on stock when transitioning to the regular scheme within the fiscal year.