28 October 2012
Respecteds, As per V.A.T Act,any one eligible for Composition Scheme minimum after 1 year of starting business. Then Any dealer dealers cross the minimum exemption limit in his Starting year of business, then it should be mandatory rejistration for him before claiming Compostion Scheme or Not?
•The composition scheme is an elective option which can be exercised by making an application in Form DVAT 01 within 30 days from the first day of the beginning of the following year i.e. by 30th April. The option may only be reversed after the end of the year for which the option is made. The application for the reversal of the election for this scheme is made in Form DVAT 03 within 30 days from the first day of the beginning of the financial year. •Separate Composition Scheme are available for the dealers dealing in bullion, medicine and works contracts
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