Suppose I am having Small Kirana Shop in Mumbai having yearly turnover of Nearly Rs.25L, then to avail composition scheme what should I do while filing Form No. 232 as far as payment of MVAT is concerned.
I am having purchase of goods of 80% of TAX FREE, 15% of goods having 5% MVAT & balance 5% of goods having 12.5% MVAT rate.
T & R
The Composition amount is payable at the rate of 5% on the excess turnover of sales, in case of retailers, whose aggregate turnover of sales of goods covered by Schedule A and goods taxable at the rate of 4% is more than 50% of the total sales and in any other case, the Composition amount is payable at the rate of 8%.
Sir,
I wanted to know exactly, how to fill form 232
T & R
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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BHUPINDER SHAH AND COMPANY
New Delhi
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