If a person avails a composition scheme in a financial year, the turnover is Rs.75 Lakhs/Rs. 50 Lakhs in the course of the financial year, i.e. He crosses Rs.75 Lakhs/Rs. 50 Lakhs in December will he eligible tax under the composition scheme for the year?

No. No. 75 Lakhs/50 Lakhs. Within seven days after the event, the intimation to withdraw from the scheme must be filed in FORM GST ITC-04. Any person who has provided such an intimation may electronically submit at the common portal a statement in GST ITC-01, which contains details of the stock of inputs, and inputs contained within semi-finished or final goods, as well as capital goods, on the date when the option is withdrawn. This statement must be received no later than thirty days after the date of withdrawal.