Composition scheme limit f.y.2012-2013 -?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2013
Please provide the details of composition scheme limit of f.y.2012-2013
09 October 2013
Composition scheme for small dealers
Option to dealer with annual gross turnover is equal to or less than 50 lacs……
Except:
A dealer who sells goods inter state.
A dealer who imports or exports goods
Transfers goods outside the state otherwise than by way of sale or for execution of works contract
Merit/Demerit:
Vat payable @ 0.25% of the taxable turnover.
Simple return form.
No input tax credit allowed to such a dealer.
No other dealer can claim input tax credit on invoice given by small dealer.
No records required to be maintained except for sale purchase and inventory.
Must not purchase goods from outside the state.
Its an overall concept it may vary, its depend on state laws...
Option to dealer with annual gross turnover is equal to or less than 50 lacs……
Except:
A dealer who sells goods inter state.
A dealer who imports or exports goods
Transfers goods outside the state otherwise than by way of sale or for execution of works contract
Merit/Demerit:
Vat payable @ 0.25% of the taxable turnover.
Simple return form.
No input tax credit allowed to such a dealer.
No other dealer can claim input tax credit on invoice given by small dealer.
No records required to be maintained except for sale purchase and inventory.
Must not purchase goods from outside the state.
Its an overall concept it may vary, its depend on state laws...
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
- CLOSING STOCK QUERY
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- DUE DATE FOR ITR FILING
- Residential status of non resident
- Reporting in TDS return
- Traces submitting correction statement error
- Short Term Gain Reporting ITR
- Taxation on Old jewellery sold
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
