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Question ID : 31751


In a situation where a person registered under GST as regular tax payer from 1.7.2017 and thereafter opted for composition scheme from 01.12.2017, and filed GST returns till Apr-June 2018 under composition scheme. Option for composition is made on the basis of turnover for 2016-2017 which is below Rs.1 crore. While finalising accounts for F.Y. 2017-2018 for the purpose of filing income tax return came to know that it has crossed one crore which also included turnover during pre-GST regime i.e., Apr-June 2017. However Turnover during GST regime ie., July to Mar 2017 is not exceeding Rs.1 crore In this situation what is to be done by taxpayer for the returns filed under Composition Scheme from 1-12-2017 to 30.06.2018, i.e., whether to pay differential tax from date on which it has crossed Rs. 1 crore and for 2018-2019 whether to continue under composition scheme or not in view of proposed limit for composition scheme to Rs. 1.50 crore,since the words used in section 10 are Turnover during the preceeding financial year.

Posted by CA. BHAMIDIPATI VANI KUMAR on Jul 25, 2018

Filed Under GST