Find
Once aggregate turnover crosses ₹1.5 crore during the year, the composition option lapses from that day. You file CMP-04 within 7 days and become a regular taxpayer.
GST
Crossing ₹1.5 crore while under composition
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Provisions
Sec 10(1), CGST Act 2017; Rule 6, CGST Rules 2017
Analysis
File the last CMP-08 for the period up to the date of crossing, and then GSTR-1 and GSTR-3B from that date. You can claim ITC on stock held on that date through ITC-01 within 30 days. Change billing to tax invoices from the crossing date. Turnover for this test counts all GSTINs under the PAN.
Close
- Note the date turnover crossed ₹1.5 crore.
- File CMP-04 within 7 days.
- File CMP-08 for the period up to that date.
- File ITC-01 for stock within 30 days.
- Start tax invoices and regular returns.
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