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composition

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(Querist)
01 July 2011 what is composition in vat returns can you please explain
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
01 July 2011 Mr. Srinivas,
Composition in VAT returns is payment of tax on the sales turnover at a coposite rate,say @5% for the Civil works contractors etc. This is a special convenience allowed to some dealers, to avoid difficulties of maitaining a detailed accounts,who opt for it. It is generally at a higher rate than normal.The whole turnover is charged a common rate without going for detils of different rates and concessions under composition.
MJK
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