Composition Scheme in VAT
This query is : Resolved
12 May 2010
What is Composition Scheme in VAT? Who is eligible to apply to such scheme? And is there any benefits of such scheme?
12 May 2010
Under VAT - Works contract which is combined contract of Supply of material and labour which is difficult to segrgate the billing as material and labour separatly. in that senario the dealar can opt the composition scheme. Under composition scheme he can pay VAT on the total contract value with some concessional percentage of VAT rate.Some cases it is useful tax savings
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12 May 2010
Is it that the dealer has to pay the tax @ 8% on difference between Sales and purchase?
12 May 2010
It is state specific. But generally under composition scheme. We need to pay tax on billing value.
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