Mr. S, a manufacturer of medicines, whose turnover for financial year 2018-19 was of ₹ 1.2 Crore opted to pay under GST as per composition scheme from 1st April, 2019. His turnover crosses ₹ 1.5 Crore on 30th November, 2019. Will he be allowed to pay tax under composition scheme for the remainder of year i.e. from 1st December, 2019 to 31st March, 2020?
A. Yes, he can avail the benefit till 31 st March, 2020
B. No, the option availed shall lapse from the day on which his aggre-gate turnover during the financial year 2019-2020 exceeds ₹ 1.5 Crore
C. Yes, the option can be availed up to completion of financial year i.e. till 30th September, 2019
D. None of the above
Answer:B
Mr. S, a manufacturer of medicines, whose turnover for financial year 2018-19 was of ₹ 1.2 Crore opted to pay under GST as per composition scheme from 1st April, 2019. His turnover crosses ₹ 1.5 Crore on 30th November, 2019. Will he be allowed to pay tax under composition scheme for the remainder of year i.e. from 1st December, 2019 to 31st March, 2020?
A. Yes, he can avail the benefit till 31 st March, 2020 B. No, the option availed shall lapse from the day on which his aggre-gate turnover during the financial year 2019-2020 exceeds ₹ 1.5 Crore C. Yes, the option can be availed up to completion of financial year i.e. till 30th September, 2019 D. None of the above