09 October 2012
a registered holder is in composition scheme his total purchase consists of 5% vat. what will be the calculation for vat liability. for eg. his turnover is Rs. 1500000 and total net purchase excluding vat Rs. 1000000, so what will be the liability ?
09 October 2012
there is no vat input available in composition scheme. Vat is payable on the basis of fixed percentage calculating on the total sales and percentage is subject to state vat laws.
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