Daksh Kumar availing composition scheme during the financial year 2024-25, crosses the threshold limit of turnover of ₹ 1.50 crore on 19th October 2024. What compliances are required to be carried out by Daksh Kumar unde

The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the FY exceeds the specified limit (₹ 1.50 crore). Such person is required to pay normal tax under section 9(1) from the day his turnover crosses 1.50 Crore and issue tax invoice. Further, he is required to file intimation for withdrawal from the scheme in prescribed form (FORM GST CMP-04) within 7 days of the occurrence of such event. However, such person shall be allowed to avail the input tax credit in respect of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him and on capital goods held by him on the date of withdrawal and furnish a statement, within 30 days of withdrawal of the option, containing the details of such stock held in prescribed form on the common portal. Daksh Kumar is required to do the following compliances: To file a FORM GST CMP-04 within 7 days i.e., before 26th October 2024 To file details of stock and capital goods, as on 19th, October 2024 in FORM GST ITC-01 within 30 days i.e., on or before 19th November 2024 to take the credit of input on the same.