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Composition scheme

CA Final 321 views 6 replies
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ARTICLE
68 Points Posted on 11 October 2019
will tax be levied on sale of nil rated goods if he is coverd under the scheme?if yes then why?
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On 11 October 2019 at 18:46 Report
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Student
7053 Points Posted on 11 October 2019
Yes, it will be at nominal rate 5% .
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On 11 October 2019 at 21:39
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ARTICLE
68 Points Posted on 12 October 2019
But why it will be levied since nil rated are covered under exempt supply?
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On 12 October 2019 at 05:16
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Student CA IPC / IPCC
151 Points Posted on 12 October 2019
Tax is 5% of turnover .Turnover includes exempt supply.
and 5% for restuarant services
manufacturers and traders only 1% tax
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On 12 October 2019 at 13:29
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ARTICLE
68 Points Posted on 12 October 2019
But for traders tax is calculated on taxable turnover..
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On 12 October 2019 at 13:34
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Student CA IPC / IPCC
151 Points Posted on 12 October 2019
U never mentioned if it's sale made by trader or manufacturer
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On 12 October 2019 at 18:16
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ARTICLE
68 Points Posted on 12 October 2019
Nothing is mentioned in que. about the person's status
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On 12 October 2019 at 19:41


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