VAT under composistion Scheme
This query is : Open
04 August 2010
We have done a work of Rs 24686665 in the year 2008-09 and have bill our client accordingly.
We have done the following purchases doing the year
Invoice with 4% Vat: 777108
4% Vat on the above: 37170
Total(A) : 814278
Invoice with 12.5% VAT: 653645
12.5% Vat on the above: 76161
Total(B) : 729806
Outside state puchase or purchase from unregistered dealers (c): 2052961
Total Purchase(A+B+C): 3597955
We would like to know our tax laibility under composition scheme and under normal scheme. We have adopted composistion, can we shift to normal scheme now.
We have done the following purchases doing the year
Invoice with 4% Vat: 777108
4% Vat on the above: 37170
Total(A) : 814278
Invoice with 12.5% VAT: 653645
12.5% Vat on the above: 76161
Total(B) : 729806
Outside state puchase or purchase from unregistered dealers (c): 2052961
Total Purchase(A+B+C): 3597955
We would like to know our tax laibility under composition scheme and under normal scheme. We have adopted composistion, can we shift to normal scheme now.
04 August 2010
Under composition scheme rate will be vary state to state and also some state if Composition scheme opted Input cannot be claim, so please provide the state or refer the state vat act
If the composition scheme opted, some fixed period you cannot change the scheme, the period also based on state VAT act
If the composition scheme opted, some fixed period you cannot change the scheme, the period also based on state VAT act
04 August 2010
the above mentioned work was done in Panipat, haryana
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