Composition scheme limit f.y.2012-2013 -?

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09 October 2013 Please provide the details of composition scheme limit of f.y.2012-2013

CA Pallav Singhania

CA Pallav Singhania (Expert)
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09 October 2013 Composition scheme for small dealers
Option to dealer with annual gross turnover is equal to or less than 50 lacs……

Except:

A dealer who sells goods inter state.

A dealer who imports or exports goods

Transfers goods outside the state otherwise than by way of sale or for execution of works contract

Merit/Demerit:

Vat payable @ 0.25% of the taxable turnover.

Simple return form.

No input tax credit allowed to such a dealer.

No other dealer can claim input tax credit on invoice given by small dealer.

No records required to be maintained except for sale purchase and inventory.

Must not purchase goods from outside the state.

Its an overall concept it may vary, its depend on state laws...