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TMI BlogComposition of tax scheme - trading of drugs and medicinesX X X X Extracts X X X X X X X X Extracts X X X X ..... in exercise of the powers conferred by sub section (12) of section 16 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), (hereinafter referred to as "the Act"), the Lt. Governor of the National Capital Territory of Delhi, subject to the conditions specified in column (3) against the classes of dealers specified in column (1) of the Table below, and other general conditions as prescribed in this notification, hereby, provides the scheme of composition of tax payable by the said dealers as specified in column (2) of the said Table, namely:- TABLE Eligible class or classes of dealers Composition Amount Conditions (1) (2) (3) Every registered dealer engaged exclusively in trading drugs and medicines whose turnover in the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to this notification along with proof of payment of due tax in Form DVAT 20, with his application. (3) A dealer who is paying tax under section 3 of the Act, can opt this scheme by filing an application in Form DM 01 appended to this notification within a period of thirty days from the first day of the year with effect from which composition is opted. Such a dealer shall pay tax, at the rates specified in section4 of the Act, on the opening stock of goods, held by him on the first day of the year with effect from which dealer opts to pay tax under this scheme, and shall furnish the details of such opening stock in Form SS02 appended to this notification along with the proof of payment of tax in DVAT 20, with his application for opting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeded one crore rupees. (7) A dealer who has opted to pay tax under this scheme and has defaulted to furnish the returns for two consecutive tax periods by the prescribed due dates shall, with effect from the first day of the period immediately next to the latter tax period in respect of which the default has been committed- (i) cease to be liable to pay tax under this scheme (ii) be liable to pay tax under section 3 of the Act. Such a dealer shall also, subject to the conditions contained in section 20 of the Act in so far as they applicable and further subject to furnishing the intimation in Form DM 02 with in seven days after the end of due date prescribed for filing of return for the latter tax period in respect of which the defa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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