Sett off of VAT
This query is : Resolved
Milind Nadkarni
(Querist)
21 June 2011
Sir,
Pls. guide me on the following :
A company is having 2 businesses under one Vat TIN. 1st Business is of restaurant under composition scheme and 2nd business is of retailer.
My querry is can the company claim the sett off of excess purchases tax paid of retail business against the VAT payable under Composition scheme of restaurant business.
Secondly whether 2 separate Vat returns are required to be filed or only Form No.233 is enough ?
Thanx & Regard
Milind
Pls. guide me on the following :
A company is having 2 businesses under one Vat TIN. 1st Business is of restaurant under composition scheme and 2nd business is of retailer.
My querry is can the company claim the sett off of excess purchases tax paid of retail business against the VAT payable under Composition scheme of restaurant business.
Secondly whether 2 separate Vat returns are required to be filed or only Form No.233 is enough ?
Thanx & Regard
Milind
MJ Krishnamurthy
(Expert)
23 June 2011
Mr Nadkarni,
Generally, in every State composition scheme is to be opted for the entire business.The business should not be a mixed type(i.e.one part permissible and another part not permissible for composition).If in your State it is permitted to go for composition on part of business you will have to file separate retuns for the turnovers with and without composition.
MJK
Generally, in every State composition scheme is to be opted for the entire business.The business should not be a mixed type(i.e.one part permissible and another part not permissible for composition).If in your State it is permitted to go for composition on part of business you will have to file separate retuns for the turnovers with and without composition.
MJK
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