Mr. S , a manufacturer of medicines , whose turnover for financial year 2018-19 was of Rs. 1)2 Crore opted to pay under GST as per composition scheme from 1st April , 2019) His turnover crosses Rs. 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?
Yes , he can avail the benefit till 31stMarch , 2020
No , the option availed shall lapse from the day on which his a,regate turnover during the financial year 2019-20 exceeds Rs. 1)5 Crore
Yes , the option can be availed up to completion of financial year i.e. till 30th September , 2019
None of the above