A Composition Dealer who wants to opt out of Composition Scheme
has to file GST CMP-04.
This form has to be filed by a Composition Dealer in 3 cases –
As per notification dated 01.01.2018, turnover in case of traders has been defined as ‘ Turnover of taxable supplies of goods’.
GST CMP-04 has to be filed within 7 days from the date on which the taxpayer plan to opt out of Composition Scheme or is ineligible to be covered in the scheme.
A dealer has to opt out the day on which they fail to fulfill all the conditions to be complied by a Composition Dealer.
A Composition Dealers turnover exceeds the Rs 1.5 crore on 15th December 2017.
The dealer will have to file CMP-04 by 22nd December 2017.
CMP-04 has to be filed online on the GST Portal
Attention GST registered taxpayers! 31st March 2018 is deadline to opt into Composition for FY 2018-19
For: Any GST registered taxpayer who want to opt for the Composition scheme for FY 2018-19;
31st March 2018 is the deadline to file the intimation in Form GST CMP-02 to opt into composition scheme for the FY 2018-19.
Follow our Step-by-step Guide to file CMP-02
Also, furnish statement in form ITC-03 within 60 days of commencement of the FY 2018-19 to declare the ITC claim that has to be reversed on inputs/capital goods in stock, in semi-finished or in finished goods.
Here is a step by step Guide to File GST CMP-04 on GST Portal:
Login to GST Portal
Go to ‘Services’ > ‘Registration’ > ‘Application for Withdrawal from Composition Levy’.
Select the reason for withdrawal from the drop down.
Select the ‘Verification’ check-box, ‘Name of Authorized Signatory’ and enter the ‘Place’ field.
Click on ‘SAVE’ button and file your CMP-04 using DSC or EVC.
The ‘Taxpayer Type’ under ‘My Profile’ gets changed to ‘Regular’ on the successful filing of GST CMP-04.