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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?
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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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