about composition

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B SRINIVAS

B SRINIVAS (Querist)
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30 June 2011 what is composition in vat returns please explain it.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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19 July 2011 Mr B Srinivas,
Composition scheme in payment of vat is another way,rather a simple way, of paying tax.In this scheme you are permitted to pay tax at a fixed rate on the gross amount of receipts. This method is opted by the small contractors and small dealers for their convenience. Generally,it works out to be higher than the normal rate,because, several exemptions are not allowed in this method.If you can maintain detailed and correct accounts it is better to pay taxes at normal rates.
MJK

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