Good Evening to All,
We are in Hotel Business, presently we using Composition Tax (Vat 120)........
But i want to know the Advantages & Disadvantages of Composition Tax....and also Vat 100
Can anybody help me.........
vijaya kumar n (JOB) (488 Points)
30 August 2010Good Evening to All,
We are in Hotel Business, presently we using Composition Tax (Vat 120)........
But i want to know the Advantages & Disadvantages of Composition Tax....and also Vat 100
Can anybody help me.........
P SHENOY
(Practicing C.A.)
(35 Points)
Replied 22 October 2010
Dear Vijay
If you register under VAT, your tax laibility comes down atleast by 40%. composition is expensive. for this you have to surrender your COT registration and apply afresh under VAT.
Hare Krishna
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961