Mvat payable on medical & general store

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2013 Dear Sir,

I have a query regarding the rate at which MVAT is payable by a registered dealer under MVAT Act carrying Retail Business of Medical & General Store.

Is there any composition scheme available for such dealers..

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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14 November 2013 Yes a composition scheme is available under MVAT Act for retailers in medicine and and other goods.I am not having the information on concerned notification now.You have to file a letter to your registering officer at your VAT office and the form of monthly/qurterly return also changes.Enquire at your vat office for details.....mjk

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2013 Thanks Sir!

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2014 Yes you have an option to opt either for Composition Scheme in which case you cannot claim any input whereas if you go with the regular scheme you will have to keep separate record of Medicines and General items claim setoff and pay the balance liability.