Normal Scheme to composition scheme
This query is : Resolved
09 May 2009
Sir,
I am working with construction company where initially VAT was opted in normal scheme as there was no existense of WCT.For the financial year 2006 - 07 and 2007-08 , we had filled return in the normal scheme (means taking the input credit) but now we had calcullated that if we switch over to WCT Composition scme then there is lot of savings.
Please guide us can we switch over to composition scheme in the mid of contract??
I am working with construction company where initially VAT was opted in normal scheme as there was no existense of WCT.For the financial year 2006 - 07 and 2007-08 , we had filled return in the normal scheme (means taking the input credit) but now we had calcullated that if we switch over to WCT Composition scme then there is lot of savings.
Please guide us can we switch over to composition scheme in the mid of contract??
CA Nitin Wadhwani
(Expert)
10 May 2009
You cannot opt for composition in the middle of the contract.
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