Saravanan has led YENNES since inception and has grown the business organically. He has a natural flair for marketing and the technological knowledge gained over the years has ensured that YENNES grows profitably. He started his career with the knowledge of Tally and has ensured that YENNES is one of the top partners of Tally in India. He has been instrumental in creating a solid team with a clear focus on customer delight that now boasts itself as a solution provider than just being a product partner.
Bharati Saravanan Director Operations
Bharati is an accomplished HR professional and has been instrumental in building a committed team of go getters. She identifies the human resource requirements based on the growth and strategy and designs the people practices that ensure maximum productivity and performance. She ensures that the policies and programs are put to practice while enabling and empowering the team to create value to all stake holders.
S Saiseshan Director, Strategy and Sales
S Saiseshan (Sai) has more than two decades of experience in Sales and Strategy across industries. He has been a key member of the company's strategy team for new business generation, alliances, acquisitions and identifying channel sales/technology partners. He has identified and inked alliance opportunities with product development companies, software vendors, clients and channels in Capital Markets and Banking. In Business Development, he has several years of experience in generating sales leads, converting prospects to accounts and market/client specific market strategy. He also has exposure to back office functions of stock exchanges, brokerages and mutual funds and has the unique experience in setting up of an FII and consulting for NRIs on RBI clearances.
R Nagaiah Director, IT Solutions
Nagaiah is responsible for building solutions and holding the solution repository. The customer delivery function also rolls into him and he heads internal IT. He has been instrumental in building Tally competencies within YENNES and has a holistic view of the organization having worked in various capacities within YENNES - he started his career with YENNES.
M Manikandan CFO
Manikandan (Mani) is responsible for Finance, Admin and Audit. Mani has cross industry experience of handling finance and purchase for more than 20 years and is part of the core team of YENNES. He also has the additional responsibility of ensuring investment needs are met in time..
How to Move from Composition to Regular Scheme in GST
Home » How to Move from Composition to Regular Scheme in GST
A person registered as a composition tax payer has to become a regular tax payer when his/her turnover crosses Rs. 50 Lakhs (in Special Category States except Uttarakhand) and Rs. 75 Lakhs (in rest of India). There can also be a scenario where a composition tax payer chooses to become a regular dealer voluntarily, though his/her turnover does not cross the threshold limit. In this blog, let us understand the process to be followed by a person to withdraw from the composition scheme and become a regular tax payer.
1. File an intimation in Form GST CMP-04
A composition tax payer who wants to become a regular tax payer should file an intimation for withdrawal from the composition scheme in Form GST CMP-04. If the move is because the person’s turnover crosses the threshold limit, then Form GST CMP-04 should be furnished within 7 days after becoming liable to register as a regular dealer. Note that an intimation for withdrawal from the composition scheme will be considered as withdrawn for all the places of business registered under the same PAN.
2. Furnish stock statement in Form GST ITC-01
The person moving to the regular scheme has to furnish a statement in Form GST ITC-01 containing details of the stock of inputs, inputs in semi-finished or finished goods held on the day before the date on which he becomes liable to be a regular dealer. Furnishing of Form GST ITC-01 enables the dealer to claim ITC on inputs, inputs in semi-finished or finished goods and capital goods in stock when he/she becomes a regular dealer and it has to be furnished within 30 days after filing Form GST CMP-04.
For example: Mohan Cakes is registered as a composition dealer in Kerala. Its turnover crosses Rs 75 lakhs on 15thNovember, ‘17. Mohan Cakes has the following inputs in stock as on 14th November, ’17:
Type of Input
Value of inputs purchased @ 5% GST
GST Paid @ 5%
Value of inputs purchased @ 18%
GST Paid @ 18%
Inputs in semi-finished goods
Inputs in finished goods
Total input tax paid
Mohan Cakes has to furnish these details in Form GST ITC-01 and it will be able to avail full ITC of GST paid on inputs of Rs. 22,900 (GST Paid @ 5% of Rs. 8,500 + GST paid @ 18% of Rs. 14,400) on closing stock.
Hence, when a composition tax payer’s turnover crosses the threshold limit, it is mandatory for the person to withdraw from the composition scheme and become a regular dealer within 7 days after crossing the threshold limit. Persons who move from composition scheme to regular scheme should ensure that they furnish Form GST ITC-01 in order to claim ITC on their closing stock.