Tuesday, August 2, 2011

Should a dealer opting for Composition scheme furnish the option every month. If not when? Is there any prescribed format for exercising the option of Composition scheme? (

The option for Composition would be a permanent feature till the option is revoked by either a law or by a dealer on his own volition. In the first instance, the total turnover exceeding Rs. 15 lakh in a year would make him ineligible to continue under the Composition. Or else, the dealer could choose to opt out due to change of circumstances in business; for instance, if he intends to buy from outside the State etc. Regards G.Srinivas

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