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Composition scheme

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09 December 2012 What is the Composition Scheme in VAT. How it implements. What is the normal rates for Composition Scheme.

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Pankaj Gupta

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Pankaj Gupta (Expert)
09 December 2012 composition scheme is a scheme which is available to small traders. ie those having turnover above maximum exemption limit and below the specified limit. These limits are different in different states.
Those traders who opts for composition scheme have to pay a very small % of VAT, but from there own pocket. Means they can't charge VAT in their invoices and neither they can book credit of input VAT.
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