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Copy of GST Registration Certificate
DSC of authorized person (in case of companies)
Details of stock on the date of withdrawal
There are various drawbacks associated with composition levy which prompts taxpayers to come out of the scheme:
To overcome these drawbacks, GSTN has introduced Form GST CMP-04 for withdrawal from composition levy.
A taxpayer can withdraw from the composition levy at any time during the financial year for any of the following reasons:-
The registered taxpayer who intends to withdraw from the composition scheme is required to file intimation for withdrawal in Form GST CMP-04 within 7 days of the occurrence of any of the above event.
Copy of GST Registration Certificate
DSC of authorized person (in case of companies)
Details of stock on the date of withdrawal
Login to GST Portal and enter User Id and password associated with your GST
Select “Application for withdrawal from Composition Levy” under Services>Registration Tab;
Select the date from which withdrawal from composition levy is sought. The date for withdrawal from composition levy cannot be before the date on which composition levy has been opted
Select the reason for withdrawal from composition levy from the drop-down list
Select Authorized signatory and save the filled form and sign application using DSC/EVC
On successful filing, System will generate ARN. Application is auto approved and GST portal will also send a confirmation message on registered mobile and email id
Then File FORM GST ITC-01 containing details of stock of inputs and the inputs contained in semi finished goods & finished goods held in stock on the date on which the option is withdrawn- within 30 days from withdrawal of composition levy
The application to withdraw from the composition levy is to be filed within 7 days from the date when taxpayer fails to satisfy any condition of Section 10 of CGST Act or a taxpayer may also voluntarily opt out of the composition scheme by filing an application within 7 days of opting out.
GST CMP-04 is to be filed for withdrawal from composition levy.
No approval from any state or central tax authorities is needed to withdraw from composition levy. As soon as GST CMP-04 is filed, it is auto approved immediately.
The application in Form GST CMP-04 can be signed using DSC or authenticating using EVC.
If a person having multiple GST numbers under a single PAN decides to opt out of composition levy in relation to any 1 GST numbers, he will be automatically removed from composition levy for all the GSTIN linked to his PAN.
Yes, it is compulsory to file Form GST ITC-01 i.e. a statement containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock on the date on which the option is withdrawal or denied. Such form is to be filed within 30 days from the date of withdrawal.
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