Composition rate and stock difference

131 views 2 replies
User Avatar

Prop
106 Points Joined January 2017
One of cleint has registered as COT dealer

Today his shop inspected by state vigilance officers

Stock difference found 400000

Now what will be the tax payable
Is it 1% or regular rate??

any circular or order
0 Reply Share Follow
On 29 October 2024 at 19:08 Report
Replies (2)
User Avatar

Master in Accounts & high court Advocate
8756 Points Joined December 2011

 

If your client's annual sales are less than Rs 1.5 crore, they can opt for the composition scheme and pay 1% tax on their turnover ¹.

However, if their sales exceed Rs 1.5 crore, they will have to pay the regular tax rate applicable to their business category 

 Since the stock difference found is Rs 400000, the tax payable would be 1% of this amount, which is Rs 4000 ¹

. However, please note that the composition scheme is not applicable for businesses that make inter-state supplies.

 

Reply
On 29 October 2024 at 21:30
User Avatar

27876 Points Joined May 2017
Composition rate and stock are different
Reply
On 31 October 2024 at 07:42


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading