Thursday, June 21, 2018

Composition scheme withdrawal

This option shall remain valid so long as he satisfies all the conditions. The option shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds specified limit or occurrence of event of ineligibility. After ineligibility, person shall file an intimation for withdrawal within 7 days. If registered person intends to withdraw from this scheme, then he has to file intimation before the date of such withdrawal. Person shall also issue tax invoices instead of Bill of Supply for every taxable supply made thereafter. If proper office has reason to believe that registered person was not eligible to opt for this scheme then he can also issue order of withdrawal after giving opportunity of being heard and such person will be liable to pay the differential amount of tax along with penalty





No comments:

Post a Comment