Dipen C A Final (service) (124 Points)
23 August 2008my client is having food grain business, with other 4% and 12.5 % items
which scheme should be best as 75% items are foodgrains which are tax free. ?
should i go for set off scheme, as the tax burden is less then the composit scheme. ?
what form of additional accounting to be kept in set off scheme. ?
if he go in composit scheme, can he calculate GP only on taxable items ?
please help
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 23 August 2008
if you are going to composite scheme then you will liable to pay tax on tax free goods also in my opinion you will get registration for tax invoice that is you will charged seperate tax on taxable goods
CAclubindia
