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.
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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