Dear Professional Colleague,
We want a clarification regarding composition scheme under M Vat act for buying and selling of second hand motor vehicle.
As per the section 42(2) composition scheme and notification no. VAT-1505/CR-105/Taxation-1 serial no. 4 "Dealer in second hand Motor Vehicle" can avail the scheme of composition vat and pay tax @ 12.5% on 15% of selling price.
Does the said notification include the commercial vehicle like as truck or not ?