What are the benefits (and consequences) of switching from the general GST provisions to the compos…
What are the benefits (and consequences) of switching from the general GST provisions to the composition scheme?
Chiranjibi Jul. 05, 2018
Switching from normal scheme to composition scheme, a taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock on the day immediately preceding the date of such switch over.
The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse. You sort out the pros and cons.
