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COMPOSITION SCHEME

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(Querist)
20 October 2008 DEAR SIR,

I AM HOLDING A PROPRIETORY FIRM BY NATURE OF BUSINESS AS TRADING AND / CUM CONTRACT BUSINESS OF BMC / MAHADA.

HEREIN KINDLY GUIDE ME :

1. WHICH RETURN SHOULD I FILE FOR ACCOUNTING YEAR 2007-2008.
2. AT WHAT RATE SHOULD I PAY M.V.A.T. PAYABLE ON MY GROSS RECEIPTS.
3. AT WHAT RATE COULD I GET INPUT TAX CREDIT ON MY PURCHASES.

KINDLY GUIDE ME AT EARLIEST, AS TODAY IS LAST DATE OF MY RETURN FILING.

REGARDS,
KALPESH TANNA
9223209202
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kalpesh

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kalpesh (Querist)
20 October 2008 KINDLY REPLY AT EARLIEST.
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CA. C V SURYAM

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CA. C V SURYAM (Expert)
21 October 2008 1) VAT RETURN
2) TWO RATES ARE PREVAIING FOR COMPOSITION IE.,5% AND 8% WHICH IS OPTIONAL TO THE DEALER.
3) DEPENDING UPON THE ABOVE OPTIN, ITC IS RESTRICTED.

THIS IS ONLY STATE ALLOWING ITC UNDER COMPOSITION SCHEME WITH CERTAIN RESTRICTIONS.
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