The aggregate turnover of Turner & Co. exceeded the limit prescribed for composition scheme on 7-3-2019. What is the course of action to be adopted by Turner & Co. for rest of the financial year ?

CS Executive · Tax Laws and Practice · PYQS · December 2019
The aggregate turnover of Turner & Co. exceeded the limit prescribed for composition scheme on 7-3-2019. What is the course of action to be adopted by Turner & Co. for rest of the financial year ?
(A) Intimate within 7 days to the GST authority and pay GST as normal supplier of goods.
(B) Suspend business till 31-3-2019.
(C) Compute and pay tax as normal supplier w.e.f. 1-4-2018.
(D) Since the period is less than 30 days for the end of the financial year, continue the business as composition dealer.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: GST

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