Consequencies when turnover of Composite Dealer exceeds Rs.75 Lakh !!
- The option to pay tax under Composition Scheme will lapse on the day when his turnover exceeds Rs. 75 Lakh.
- Such person is required to file an intimation for withdrawal from the scheme in Form GST CMP 04 within 7 days on which threshold limit was crossed.
- Such Person is allowed to avail ITC in respect of stock held by him on the date of withdrawal i.e On the day immediately preceeding the date on which he become liable to pay tax u/s 9.
- He is also required to furnish a statement in Form GST ITC 01 within 30 days of withdrawal containing the details of such stock.