Works contract

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heena (Querist)
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14 March 2014 I want to know,
first, whether contractor can opt for composition scheme for one contract and on other hand for other contracts vat liability is paid as per normal procedures . Is this practice correct ?

second , What is significance of Rs. 50 lakhs turnover under composition scheme ?

pls reply as per Maharashtra value added tax act

Thanks

CA Deven

CA Deven (Expert)
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14 March 2014 NO he can opt if his total T/O is below 50 lacs in the last year.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 March 2014 u have not mentioned abt the state's name?

Sandeep Dharar

Sandeep Dharar (Expert)
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14 March 2014 He can opt only if the Turnover in the last year is below Rs. 50L..

pravin

pravin (Expert)
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14 March 2014 hi...
first of all, i would like to tall that the significance of rs.50 lakhs t/o limit for composition scheme is not applicable to the work contact as register under g vat law.
however register as work contract there is not limit of t/o to opt composition scheme.
second work contractor can opt for composition scheme for one contract by applying in form 214A and he will get certificate from department in form no.215A

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heena

heena (Querist)
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14 March 2014 above quiz is for maharashtra state