Monday, May 16, 2016

DVAT - Composition Scheme

A new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16(12), wherein the registered dealers whose annual turnover is up to Rs. 50 Lakhs and who makes sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coffee etc. have an option to pay composition tax @ 5%. In the above context, it is clarified that the condition requiring payment of tax on opening stock is not applicable to those dealers.

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