composition
This query is : Resolved
B SRINIVAS
(Querist)
01 July 2011
what is composition in vat returns can you please explain
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
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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