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8. Composition of tax M.P VAT RULES

CHAPTER – IV

8. Composition of tax:-

(1) A registered dealer whose turnover in a year does not ordinarily exceed Rs twenty five lacs may opt to pay a lump-sum under sub section (1) of Section 11.

(2) A registered dealer opting to pay a lump-sum in lieu of tax by way of composition shall give his option in form 4 to the appropriate Commercial Tax Officer within the period specified in sub-section (1) of section 11.

(3) The lump-sum payable by a registered dealer shall be as under:

(i) one percent of gross turnover of sales of goods purchased; and

(ii) four percent of gross turnover of the goods manufactured.

(4) Such lump-sum shall be paid for every quarter of the year for which the option has been given and a quarterly return in form 10 along with a copy of challan as proof of such payment shall be furnished to the appropriate Commercial Tax Officer within thirty days of the expiry of the quarter.

¼5½ A registered dealer opting to pay lump-sum under section 11 and required to issue a bill, cash memorandum or invoice under sub-section (1) of section 40, shall, for sale of goods to another registered dealer, issue a bill, cash memorandum or invoice specifically stating that the dealer has opted for composition of tax under section 11. The statement may be recorded by affixing a rubber stamp which read as follows : - "Goods sold by a dealer opting for composition of tax under section 11" .

(6) Where an option given by a registered dealer under sub-section (1) of section 11 stands revoked under the provisions of sub-section (2) of the said section, such dealer shall, for the period from the date on which the option stands revoked to the date of expiry of the year for which the option has been given shall furnish returns in accordance with the provisions of section 18.

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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. . . . .