What is Goods and Service Tax (GST)
GST, frequently asked Questions
How to switch from Normal scheme to compounding scheme under registration of GST?
(The information given here is valid only after introduction of GST likely to be in 2016 and also subjected to changes by GST law drafting committee and other authorities)
In this post, the formalities and procedures to change registration of GSTIN from compounding scheme to normal scheme and vice versa is explained.
Switching over from Compounding scheme to Normal scheme and vice-versa would be dealt in the manner described below –
(1) Any existing taxpayer not under Compounding scheme may opt for Compounding scheme, if eligible, only from the beginning of the next Financial Year. The application will have to be filed on or before 31st March of the previous year so that Returns can be filed accordingly.
(2) Compounding dealer may be allowed to switch over to Normal scheme even during the year if they so want, with a condition that they cannot switch over to Compounding scheme again during the same financial year.
(3) Any existing taxpayer under the Compounding scheme upon crossing the Compounding threshold will be switched over to the Normal scheme automatically from the day following the day of crossing the Compounding threshold. GST Law drafting committee should provide for a suitable time-period of inputs and capital goods purchases on which ITC would be permitted at the time of switching over to Normal scheme.
(4) For the changes covered by (1) to (3) above, the validation in the return module should change automatically under intimation to the concerned taxpayer and both the tax authorities. A suitable validation / dependency of the return module should be established.
The above changes should also be published on the common portal in addition to being 10 intimated to other taxpayers who have identified such taxpayer as their counter-party taxpayer.
such person does not have PAN, the registration would be initially temporary and later converted into a PAN based registration. [GSTN to develop temporary registration numbering system]
In this post, the formalities and procedures to change registration of GSTIN from compounding scheme to normal scheme and vice versa is explained.
Click here to know GST rate on Goods and Services
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Indian GST Laws
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Different application Forms for registration under Goods and Service Tax Act (GSTIN)
Procedure for obtaining Registration number of GSTIN
Process of application for registration under GST Act to obtain GSTIN
Procedures to get GST Registration number for IT exempted proprietorship firms.
Procedures to switch from Compounding scheme to normal under GSTIN
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How many digits in GSTIN under Goods and Service Tax registration
Registration procedures and formalities to obtain GSTIN
How to get GSTIN? (Goods and Service Tax Identification Number)
Advantages of registering for GSTIN under Goods and Service Tax Act
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