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can we opt out of composition scheme

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Guest

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Guest (Querist)
23 February 2010 once we register under composition scheme can we opt out of it
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
23 February 2010 yes, you can change it by applying to the VAT officer before 15th April.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 February 2010 As per rule 3(3) of Works Contract (Composition Scheme For Payment of Service Tax)Rules,2007 the option so exercised shall be applicable for the entire works contract and shall not be withdrawn until the completion of the said works contract.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 February 2010 Agreed with Mr.Chakrapani warrier, once we opted for composition scheme, cannot be withdrwan under works contract service

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