GST composition levy : How to withdraw voluntarily

By | July 20, 2017
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(Last Updated On: July 20, 2017)

Question : Can a person paying tax under composition levy, withdraw voluntarily from the scheme?

Answer: Yes, the registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04. In case he wants to claim input tax credit on the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date of withdrawal, he is required to furnish a statement in FORM GST ITC-01 containing the details of such stock within a period of thirty days of withdrawal.

 

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