Composition scheme in karnataka vat
This query is : Resolved
Anwar Shaikh
(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.
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.
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..
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..
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.
You can not avail input credit and also you cannot collect tax from your purchaser.
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