A registered taxable person paying tax under the provisions of Composite Scheme shall furnish a return for each quarter within eighteen days after the end of relevant quarter.
The persons paying tax under composition scheme are required to pay tax on quarterly basis and required to file a quarterly return in Form GSTR-4 by the 18th of the month following the end of the quarter instead of any statement of outward or inward supplies. The proper officer may cancel the registration where the said person has not furnished returns for three consecutive tax periods.
The person registered under composition scheme is neither permitted to collect any tax from the recipient of supplies made by him nor can he avail any credit of input tax paid
The option availed by a registered person shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds fifty lakh rupees.
Also, please note that in case appointed date for GST Implementation is 1st July, 2017 then in FY 2017-18 we will have GST only for 9 months. Therefore, whether the limit of Rs. 50 Lakhs for taxable turnover will be counted for whole of the year or it can be made proportionate based upon the number of months we have in FY 2017-18 is yet to be clarified by the Government.