Composition
This query is : Resolved
07 March 2008
What is composition?under this method how VAT is leived? at what Rate?
08 March 2008
“composition” denotes mixture of more than one issue. We can say “composition” is an agreement between the parties where one of them is agrees to pay the other less than what is normally required, in full satisfaction of the whole of the claim.
In the case of VAT for example It is an agreement between ‘Government’ and ‘Dealer’, where it is enough if the dealer pays lesser rate of tax compared to what is actually required by the statute upon certain terms and conditions.
This scheme of tax is introduced to relieve the dealers, especially the small, from the maintenance of detailed books of accounts where it is very complex.
In the case of VAT for example It is an agreement between ‘Government’ and ‘Dealer’, where it is enough if the dealer pays lesser rate of tax compared to what is actually required by the statute upon certain terms and conditions.
This scheme of tax is introduced to relieve the dealers, especially the small, from the maintenance of detailed books of accounts where it is very complex.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Bogus purchase treatment for it act gst dealer
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
