X Ltd. availing the composition scheme under GST Act and paying taxes accordingly had a turnover from the supply of goods of Rupees 150 Lakhs. upto 31st December, 2020. On the 1st of January, 2021 (01.01.2021) another su

No, a registered person is entitled to avail of the composition scheme only up to the date on which his aggregate turnover under GST does not exceed ₹ 150 Lakhs. Accordingly, in this case since the limit of ₹ 1.5 crore is reached on 31st December, 2020 the composition scheme is not available to X Ltd. any more and normal scheme will be applicable henceforth. To convert to normal scheme the dealer will file intimation for withdrawal from composition scheme in the prescribed FORM GST CMP-04 within seven days from 31st December, 2020.