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Composition scheme
will tax be levied on sale of nil rated goods if he is coverd under the scheme?if yes then why?
Replies (6)
Yes, it will be at nominal rate 5% .
But why it will be levied since nil rated are covered under exempt supply?
Tax is 5% of turnover .Turnover includes exempt supply.
and 5% for restuarant services
manufacturers and traders only 1% tax
and 5% for restuarant services
manufacturers and traders only 1% tax
But for traders tax is calculated on taxable turnover..
U never mentioned if it's sale made by trader or manufacturer
Nothing is mentioned in que. about the person's status
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