Shifting of 14% under regular scheme to 5% under composite
This query is : Resolved
11 February 2012
We registered under regular scheme, Karnataka(works contract) and we charge 14% VAT on 75% of the total value. Is there any chance that we charge 5% VAT?
CA. Hari Kishan
(Expert)
11 February 2012
should you opt for the composition scheme the tax shall be @ 5% of the total receipts . Also note that no input tax credit shall be available for the same. Should you not be under civil works there shall be a maximum cap on your turnover for Rs.2500000 after which you shall by default shift to regular VAT regim..
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