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How to opt out of GST Composition Scheme?
Sign using DSC
- If you want to proceed using DSC, then Click on the “Submit with DSC” option. Then, click on “Proceed”.
- Click on the “Submit” button with EVC.
- The system will send an SMS and an email to the registered mobile number and email address containing an OTP.
- Enter the OTP and authenticate.
- After the authentication is done, you will receive a “Success” message on your phone.
- An ARN (Application Reference Number) will be generated and the same will be sent via the SMS and email address within 15 minutes of the completion of the authentication.
Check Updated Status in Profile on the GST Portal
Will withdrawal from the GST Composition Scheme affect the Input-Tax Credit?
- The Input Tax Credit can be claimed on the goods bought for production of taxable supplies.
- The document and invoice based on which the Input Tax Credit is to be claimed must be available.
- The date on the invoice must be within 12 months from the date of appointment.
- Reduction of the credit on capital goods by certain percentage as it may be prescribed.
- Voluntary withdrawal
- Engaged in supply of goods that are not taxable under GST Act
- Exceeding the threshold limit as mentioned under Section 10 of the Central Goods and Service Act.
- Manufacturing of Notified Goods
- Supply of goods through an e-commerce operator
- Inter-State Supplies
6 thoughts on “How to opt out of GST composition scheme”
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