Composition Scheme for Works contract

 

 Pls let me know rgdg Composition scheme for works contract in maharashtra state

 

Replies (5)
Composition Schemes Sections 42 (1) and (2) provides for Composition Schemes for various classes of dealers, as may be notified by the State Government from time to time. The dealers opting for such composition schemes shall pay tax at such rates, with such conditions, as may be prescribed in the scheme. Accordingly the Government of Maharashtra has notified different types of composition schemes for following classes of dealers: – (1) Restaurants, Clubs, Hotels and Caterers (2) Bakers (3) Retailers and (4) Dealers in 2nd Hand Motor Vehicles. Works Contract – Composition Scheme Section 42(3) provides for a Works Contract Composition Scheme, whereby a dealer, at his option, may choose to pay tax @ 8% on the total contract value. (After deducting there from the amount paid towards sub-contract, if any.) However, in respect of such contract/s, where the dealer has chosen to pay tax by way of composition, the amount of set off available on inputs will be restricted to 64% of the total amount of set off for respective goods used in such contract/s. Note: A dealer, executing works contract, whether chooses to pay tax u/r 58 or under the composition scheme, u/s 42(3), is entitled to issue tax invoice in respect of all such sales effected by him by way of execution of works contract, by charging tax separately in such tax invoice. hope your pur[pose will solve
Pl. Let me know about composition scheme for medicine retailer who is below Rs.40 lack and also tell me tax working example
Pl. let me know about the works contract-composition scheme in madhya pradesh.

Pl. let me know about the works contract-composition scheme in uttar pradesh such as supply of material billing etc.
 

Please let me know about the composition scheme for Gujarat

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