In case of a person who is/was availing composition scheme u/s 10. What will be the due date of payment tax (GST) and submitting the return once he crosses the threshold limit of ₹ 75 Lakhs (or rs. 50 lakhs) as the case may be? Can he continue to pay tax and file the return on quarterly basis?
24 July, 2017
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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 ... Summary
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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