Composition scheme in karnataka vat
This query is : Resolved
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.
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.
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..
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..
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.
You can not avail input credit and also you cannot collect tax from your purchaser.
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
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
