Composition scheme
This query is : Resolved
09 October 2013
I want to know what exactly is composition scheme???
09 October 2013
composition scheme is lumsum payment of tax at specified rate with out taking credit of input tax paid
09 October 2013
Agree with umeshji
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...
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...
09 October 2013
Partially agree with aryan; turnover for composition scheme and rate differ with state vat
For remaining point I agree with aryan
For remaining point I agree with aryan
09 October 2013
@ Umesh ji,
Totally agree with you,
That's why in the last line I mentioned it...
Totally agree with you,
That's why in the last line I mentioned it...
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
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
