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Composition scheme in karnataka vat

This query is : Resolved 
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(Querist)
28 February 2012 Dear experts,

Please give me brief regarding following

1) What covers under composition scheme under KVAT

2) What is rate in composition scheme

3) Can we take full input tax credit on all material or there are any restrictions ?


Thanking you in advance.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
28 February 2012 You could refer to section 15 read with sixth schedule for the list..

the present rate of tax on composition is 4%

there is not input tax allowed in the case of COT scheme.. except for civil works contractors..
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
28 February 2012 Works contract, hotlier, crushing units can opt for compostion scheme. The rate for hotels and contract is 4% and crushing units it depends on number of machines.

You can not avail input credit and also you cannot collect tax from your purchaser.
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