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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.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .