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    What happens if a compounding vendor’s turnover exceeds Rs. 1.5 crore during a year?

    Posted By : Divya Saluja / Published on : 26-Oct-2018 10:57 PM / View : 426 / Comment : 1
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    Dear Members,

    Please Suggest me when a person registered under composition Scheme what happens if a turnover exceeds Rs. 1.5 crore during a year?
    Read more on : crore during year exceeds turnover compounding vendors happens

    • If Turnover of a Composition Taxpayer registered under GST is exceeding 1.5 Crore then he is mandatorily required to opt out from Composition Scheme and come to Normal Scheme through filing prescribed Form. His liability arises when his Turnover reaches Rs.1.5 Crore and the prescribed form needs to be filed within 7 Days.

      22-01-2019 / 12:58:31 PM

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