14 March 2014
I want to know, first, whether contractor can opt for composition scheme for one contract and on other hand for other contracts vat liability is paid as per normal procedures . Is this practice correct ?
second , What is significance of Rs. 50 lakhs turnover under composition scheme ?
14 March 2014
hi... first of all, i would like to tall that the significance of rs.50 lakhs t/o limit for composition scheme is not applicable to the work contact as register under g vat law. however register as work contract there is not limit of t/o to opt composition scheme. second work contractor can opt for composition scheme for one contract by applying in form 214A and he will get certificate from department in form no.215A
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