New Composition Scheme for Restaurants and Halwais

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..... new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16 (12), wherein the registered dealers whose annual turnover is upto ₹ 50 Lakhs and who makes sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coffee etc. have an option to pay composition tax @ 5%. In the above c .....

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..... that such dealers while shifting from composition scheme under section 16(1) to the new composition scheme notified under section 16(12) w.e.f. 1st April, 2016 shall not be eligible for claiming ITC on closing stock held by them on 31st March, 2016. It is further clarified that the applications in respect of the new composition scheme are to be filed manually in respective wards or at reception .....

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