kumar (business) (44 Points)
06 February 2012Sir,
Can a retailer opt for Form K (composition tax) for vat filing by his own interest or he have to get the permission from the commercial tax department (Chennai, Tamil nadu). On my opinion, Selling the goods to the end users makes eligible for compound tax. Please sombody confirm this.
Thanking you.
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 06 February 2012
Any trader whose TO is <50 lacs can go for compounding tax. But they are not eligible for input tax. They are not supposed to collect the tax also.They can opt their own No permission is required.
vijayakumar
(proprietor)
(172 Points)
Replied 24 February 2016
any vat dealer / a manufacturer -who purchases some goods from FOM K dealer -who bills him with 0.5 % non vatable tax - how will he fills his annex1,
is it mandatory/ compulsory to delare in his ANNEX 1
CAclubindia
