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rati khanna

rati khanna (Querist)
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28 February 2013 Composition scheme. Meaning pls

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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01 March 2013 The composition scheme is an elective option by which tax can be paid at lower rate.
for example in delhi :-
Tax payable under composition scheme

Tax payable under the composition scheme is 1% of the turnover of sale of the dealer. The tax applies to turnover of sales of all goods( including goods which are exempt from tax under the DVAT Act).
Tax is payable @ 0.1% by bullion dealers opting for composition scheme.
For composition dealers dealing in medicines, the rate of tax is 1%.
The Works Contractors opting for composition scheme are required to pay tax @ 2.5% if all the turnover is under Local Act and @ 3% if the turnover includes inter-state transactions also.

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