What is the composition scheme? How does it benefit small dealers?
If the taxable turnover of a dealer does not exceed Rs. 40 lakhs in a year, and the dealer does not import or export goods or makes inter-State sales or purchases goods from an unregistered dealer, he can opt for the composition scheme. Under this scheme he needs to pay only 0.25 per cent of the taxable turnover and need not maintain detailed accounts. There was overwhelming response from readers for the FAQs on VAT. The CII has responded to readers’ questions that are general and industry/trade specific. However, questions asked by individuals are being responded directly.
