Answer

1. F

   Facts

   An existing regular taxpayer must file CMP-02 on the portal before the start of the financial year in which he wants composition. For FY 2026-27 the window closed on 31 March 2026. Composition then starts from 1 April.

2. P

   Provisions and law

   • Rule 3, CGST Rules 2017Intimation to opt in CMP-02 before the start of the financial year; ITC-03 within 60 days for ITC on stock
   • Sec 10(1), CGST Act 2017Eligible registered persons with aggregate turnover up to Rs 1.5 crore in the preceding year may opt to pay tax at composition rates
3. A

   Analysis

   You cannot switch to composition in the middle of a year as an existing taxpayer. Example: a shop wanting composition for FY 2027-28 must file CMP-02 by 31 March 2027. Missing the date means waiting another year. Plan in February: check turnover, decide, and file early so portal issues do not cause a miss.

4. C

   Conclusion

   1. 1Decide by February whether composition suits you
   2. 2Check last year's turnover and eligibility
   3. 3File CMP-02 on the portal before 31 March
   4. 4Plan ITC-03 for stock within 60 days of 1 April

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.