composition scheme
This query is : Resolved
24 April 2011
explain
how vat credit chain is break when an dealer opts COMPOSITION SCHEME
how vat credit chain is break when an dealer opts COMPOSITION SCHEME
24 April 2011
In case of a VAT composition scheme a dealer cannot take credit of Input VAT and also cannot charge output VAT in his invoice and therefore, the purchaser from him does not get the benefit of Input VAT credit and the VAT credit chain breaks.
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