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Section 10 - Composition levy.
Section 39 - Furnishing of returns.
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
In terms of Section 39(2), the benefit of filing of quarterly return is available for making payment u/s 10. Once a dealer crosses the threshold limit or withdraws from the composition scheme, he will be required to pay tax as normal registered taxable person.
Therefore, a registered person who comes out from the composition scheme either at option or because of operation of law, will be required to pay tax and furnish the return monthly by 20th of the following month for the remaining part of the financial year and subsequent years.
Composition scheme threshold triggers monthly tax payment and monthly returns requirement for the affected taxpayer. A taxpayer under the Composition Scheme may pay and file on the quarterly schedule (guidance noting payment on the 18th and quarterly return on the 18th after quarter-end). If the taxpayer crosses the threshold or withdraws from composition, they become a regular taxable person and must pay tax and furnish returns monthly by the 20th of the following month for the remainder of the financial year and subsequent years.
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