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
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)