Composition scheme

Indirect Taxation

Manufacturer taxable turnover rs3lac & exempt turnover rs2lac Will he pay tax on 1% of rs5lac ?

Sushmita Chowdhury

CA Inter

★ 2K+

19-Sep-24 17:07

561

Answers (2)

I guess, on 5L. Since both Taxable and Exempt supplies are considered, in case of Manufacturers

036 137

CA Inter

★ 4K+

19-Sep-24 19:59

Yes. Since tax rate under composition scheme for manufacturers is 0.5% + 0.5% on total turnover.

Shiva Teja

Faculty

23-Sep-24 17:36