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eligibility for composition scheme
my last year turnover in textile was 80 lakh , am I eligible for composition scheme as I expect sale down call this year
Replies (5)
No, you can't as your turnover in last year is more than Rs.7500000/-
no you cant opt
no as per section 10, the eligibility to opt composition is based on last year sale not current year.
I am in textile business and we were not covered under VAT Tax previously & I have already registered under composition scheme and my last year sale is 80 lakh ,now what should I do &this year I am not expecting sale more than 70 lakh
You have to go under normal scheme as your turnover is above 75 lakh in last year
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