Composition scheme for used vehicles dealer
This query is : Resolved
11 June 2018
What will be the turnover on which tax is to be calculated under composition scheme in case of a used vehicle dealer purchasing from unregistered person and selling to unregistered person.
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
11 June 2018
YOU HAVE TO PAY TAX ON DIFFERENCE BETWEEN PURCHASE VALUE-SALE VALUE.
Message likes :
1 times
12 June 2018
Thanks for the reply
12 June 2018
But can i take aggregate of margins to calculate % of tax under composition scheme
12 June 2018
DEAR PLEASE SORRY BUT I DID NOT GET WHAT R YOU TRYING TO ASK. PLEASE CLEAR AGAIN.
12 June 2018
I am asking whether I have to pay 1% tax under composition scheme on which amount
Sale value or total margin (total sales-total purchases)
Sale value or total margin (total sales-total purchases)
12 June 2018
PAY TAX ON total sales-total purchases as per rule 32(5).
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- TDS Challan Code
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- SGST balance is there in credit ledger how to adjust for cgst
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
