dear Experts,
ours is a firm. we are in composition scheem. we are collecting vat @ 1.25 % on total sale consideration from customers.
while filling vat return where i need to mention the output vat which i deposited with vat dept. means i found 1%., 5%, 14.5%, tax due on purchasew of goods, etc catagories , but didnot find 1.25% catagory . please help me friends
,
Sir,
Post which Form you file and which state you belong, so that others could get clear picture about your problem and give suggestions.
Mr Sanju,
If you are under composition you can not collect any tax on your invoices. Further, there is no such rate as 1.25%.So,no column is made for 1.25%. If you are a normal retailer you have to pay COT @ 1% only.For other cases like WCT,hotelier,bakery or sweet stall it is 4%. No dealer under composition is permitted to collect tax as per rule 138,139 and 140......MJK
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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