Composition Scheme for builders (MVAT)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 Dear All,
I would like to know whether a builder who has charged Vat @ 5%(in Maharashtra) under composition scheme since there was no option left to the builder then. Now for the same project whether a builder can charge vat @ 1% on agreement registered after 01.04.2010.Please advice.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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19 July 2011 Mr Author,
Your agreement with your customers does not help. Irrespective of the terms of the agreements,the VAT rate under composition scheme will be 5% only.
MJK