| 11. Composition of tax M.P. ACT | |
|
11. Composition of tax (1) A registered dealer purchasing goods specified in Schedule II from another
such dealer within the State after payment to him of tax under section 9 and/or purchasing
goods specified in Schedule I, and whose turnover in a year does not ordinarily exceed such
limit as may be prescribed but does not exceed sixty lacs [from 10.8.10] [fifty lacs- upto
9.8.10], may opt, in the prescribed form within one month of the commencement of such
year, for payment, in lieu of tax payable by him under section 9, a lumpsum at such rate not
exceeding four percent in such manner and subject to such restrictions and conditions as
may be prescribed .
Provided that in case of a dealer who is a manufacturer, the condition of
purchases from a registered dealer shall be limited to the goods specified in part-III and IV of
Schedule II.
Provided further that the option for composition pertaining to the year 2006-07 can be
given up-to 30th June, 2006;
Provided also that a dealer who has obtained registration certificate during a year,
may give option for composition for the part period of the year and the option for composition
can be given within 30 days from the date of registration.
(2) If a registered dealer during the year for which an option has been given by him,
contravenes any of the restrictions and conditions prescribed under sub-section (1), the
option given by him shall stand revoked.
(3) A registered dealer who opts for composition of tax under sub-section (1) shall not
be eligible to any input tax rebate in respect of the goods sold during the year in relation to
which such option is exercised by the dealer and the input tax rebate already claimed and
adjusted towards the tax payable, shall be paid alongwith the first quarter of the year.
|
|
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Deserunt dolore tenetur facilis repellat esse, odit voluptatem?
A Digital Signature is the equivalent of a physical signature in electronic format, as it establishes the identity of the... Read more
We offer comprehensive manual or computerized bookkeeping systems maintained by trained accounting... Read more
The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with
The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with
The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with