Hi, I have a fastfood restaurant and currently charge 5% VAT on the food bills. We purchase food items from distributors who charge VAT on their bills (some items have 12.5% VAT and some have 5%). Can I offset this VAT paid when calculating my quarterly VAT liability ?
Thanks in Advance.
-M Sinha
yup and you may even opt composition scheme
Thanks a lot for you reply.
Could someone tell me what will be the VAT percentage under composition scheme for restaurantents and caterers category. Specifically this is a Fastfood restaurant and not a multi-cuisine/fine/dining etc kind of restarurant.
-M Sinha
CAclubindia
