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eligibility for composition scheme

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77 Points Posted on 23 July 2017
my last year turnover in textile was 80 lakh , am I eligible for composition scheme as I expect sale down call this year
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On 23 July 2017 at 23:08 Report
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Chartered Accountant
86505 Points Posted on 23 July 2017
No, you can't as your turnover in last year is more than Rs.7500000/-
814 Reply
On 23 July 2017 at 23:08
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CA
60 Points Posted on 23 July 2017
no you cant opt
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On 23 July 2017 at 23:13
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Proprietor
4869 Points Posted on 24 July 2017
no as per section 10, the eligibility to opt composition is based on last year sale not current year.
18 Reply
On 24 July 2017 at 08:34
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77 Points Posted on 24 July 2017
I am in textile business and we were not covered under VAT Tax previously & I have already registered under composition scheme and my last year sale is 80 lakh ,now what should I do &this year I am not expecting sale more than 70 lakh
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On 24 July 2017 at 12:43
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Chartered Accountant
86505 Points Posted on 24 July 2017
You have to go under normal scheme as your turnover is above 75 lakh in last year
814 Reply
On 24 July 2017 at 18:07


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