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composition scheme
what is compsition scheme? pls give answer.
Replies (5)
In composition scheme, dealers are given an option to pay tax on turnover at very low rate instead of normal rate.
if your tournover up to75 lakh then you pay tax on total taxable tournover of lower rate
if last year turnover was less than 75 lcs and your sale is in same state than only you can opt for composition scheme
thank you
no oms sales purchase allowed
no duduction of itc is allowed
is found wrong penality is require to pay
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