Composition scheme
This query is : Open
24 September 2017
Kindly clear my doubt that %age of tax in Composition Scheme will apply on TOTAL TURNOVER or TAXABLE TURNOVER??????
Thanks in advance.
Thanks in advance.
24 September 2017
What do you mean to say. Tax will
24 September 2017
Tax will be applicable on selling price of goods.
24 September 2017
If customer is paying Rs. 100 for any good and tax is say 2% then you have to pay Rs. 2 from your pocket to govt.
25 September 2017
i want to ask that suppose a composite dealer sold 10 lakh rs taxable goods and 5lakh ars exempted goods
now he will pay ,say 2%, on what amount.....10lakh or 15 lakh
25 September 2017
tax on 10lacs. But exempted sale of 5 lacs will be added to total turnover. Total turnover should be less than 75 lacs to be in composition.
25 September 2017
The composition dealer ll be pay Tax on total Turn Over Rs. 15lakh * 2 % = 30000....
25 September 2017
there is a bit of confusion in this regard
some CA say tax will be paid on TOTAL T/O, Other say it will be on TAXABLE TURNOVER.
what the act says wrt this?
25 September 2017
In case a composition dealer deal only exempted goods he ll pay Tax on his turn over based on composition rules....
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