Urgent query on composite scheme

kesha (...) (218 Points)

08 January 2013  

Hello Evryone ..

One of my client is in the composite scheme & its buisiness Comes under Resturants & clubs .

so, its liable to pay 5% of VAT on Sales Amount..

Now my Question is :

1.How is 5% VAT  to be caculated as per the new Notification ? (The new Notification says that VAt should not be colect on the bill & it is to be paid Out of Pocket) 

2.How to Account the same VAT Paid in our Books..?

Thanks alot in advance..