Ad free CAclubindia and daily updates on your mobile. Subscribe Now!

eligibility for composition scheme

23 July 2017

my last year turnover in textile was 80 lakh , am I eligible for composition scheme as I expect sale down call this year

Reply
Follow
Share

5 Replies

CA Rashmi Gandhi (Chartered Accountant) (86318 Points)
Replied 23 July 2017

No, you can't as your turnover in last year is more than Rs.7500000/-

Upgrade to CAclubindia Pro. Subscribe Now!

Abhishek (CA) (60 Points)
Replied 23 July 2017

no you cant opt

RAMESH D MODI (Proprietor) (4869 Points)
Replied 24 July 2017

no as per section 10, the eligibility to opt composition is based on last year sale not current year.

Hiten Shah (77 Points)
Replied 24 July 2017

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

CA Rashmi Gandhi (Chartered Accountant) (86318 Points)
Replied 24 July 2017

You have to go under normal scheme as your turnover is above 75 lakh in last year

Upgrade to CAclubindia Pro. Subscribe Now!

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

Certification Course on Chat GPT and AI Tools for Professionals

CA Deepak Gupta

Enroll Now

21 October 2024
GST Live Certification Course (40th Batch)(With Certificate)

CA Arun Chhajer

Enroll Now

17 November 2024
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)

CA Arun Chhajer

Enroll Now

13 October 2024

eligibility for composition scheme

5 Replies

Online GST Certification Course

Leave a reply

Recent Topics

Related Threads

Popular Discussion

Trending Online Classes

Subscribe to the latest topics :

Search Forum: