Composition scheme for used vehicles dealer
This query is : Resolved
11 June 2018
What will be the turnover on which tax is to be calculated under composition scheme in case of a used vehicle dealer purchasing from unregistered person and selling to unregistered person.
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
11 June 2018
YOU HAVE TO PAY TAX ON DIFFERENCE BETWEEN PURCHASE VALUE-SALE VALUE.
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12 June 2018
Thanks for the reply
12 June 2018
But can i take aggregate of margins to calculate % of tax under composition scheme
12 June 2018
DEAR PLEASE SORRY BUT I DID NOT GET WHAT R YOU TRYING TO ASK. PLEASE CLEAR AGAIN.
12 June 2018
I am asking whether I have to pay 1% tax under composition scheme on which amount
Sale value or total margin (total sales-total purchases)
Sale value or total margin (total sales-total purchases)
12 June 2018
PAY TAX ON total sales-total purchases as per rule 32(5).
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