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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? |
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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.
Dated: 24-7-2017
Suggestions / Comments
A person who opts the composition scheme is liable to pay on 18th of the following month and file quarterly return on 18th of the month after the ending of the quarter. Once he crossed the threshold limit for composition levy, all the provisions of GST are applicable to him and he is liable to pay tax on or before 20th of the following month along with the monthly return for the subsequent periods.
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