CBIC clarifies on effective date in case of composition scheme denial

CBIC issues clarification regarding date from which withdrawal from composition scheme shall take effect in a case where composition taxpayer has exercised such option; Explains that effective date shall be date indicated by taxpayer in his intimation/application filed in FORM GST CMP-04 which shall not be prior to commencement of financial year in which such intimation/application is being filed; Further, in case of denial of option by tax authorities, effective date of such...