Composition Scheme for builders (MVAT)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2011
Dear All,
I would like to know whether a builder who has charged Vat @ 5%(in Maharashtra) under composition scheme since there was no option left to the builder then. Now for the same project whether a builder can charge vat @ 1% on agreement registered after 01.04.2010.Please advice.
I would like to know whether a builder who has charged Vat @ 5%(in Maharashtra) under composition scheme since there was no option left to the builder then. Now for the same project whether a builder can charge vat @ 1% on agreement registered after 01.04.2010.Please advice.
MJ Krishnamurthy
(Expert)
19 July 2011
Mr Author,
Your agreement with your customers does not help. Irrespective of the terms of the agreements,the VAT rate under composition scheme will be 5% only.
MJK
Your agreement with your customers does not help. Irrespective of the terms of the agreements,the VAT rate under composition scheme will be 5% only.
MJK
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