K P BHANUSHALI (PROPRIETOR) (512 Points)
17 October 2012Suppose I am having Small Kirana Shop in Mumbai having yearly turnover of Nearly Rs.25L, then to avail composition scheme what should I do while filing Form No. 232 as far as payment of MVAT is concerned.
I am having purchase of goods of 80% of TAX FREE, 15% of goods having 5% MVAT & balance 5% of goods having 12.5% MVAT rate.
T & R
SUNILKUMAR WADHWANI
(Chartered Accountant)
(320 Points)
Replied 17 October 2012
The Composition amount is payable at the rate of 5% on the excess turnover of sales, in case of retailers, whose aggregate turnover of sales of goods covered by Schedule A and goods taxable at the rate of 4% is more than 50% of the total sales and in any other case, the Composition amount is payable at the rate of 8%.
K P BHANUSHALI
(PROPRIETOR)
(512 Points)
Replied 27 October 2012
Sir,
I wanted to know exactly, how to fill form 232
T & R
CAclubindia
