COMPOSITION SCHEME
- LUMP SUM SCHEME IN RESPECT OF PLY-BOARD MANUFACTURERS.
Applicability
A ply-board manufacturer may, by exercising option in the specified manner at any time offer to make payment of lump sum tax on sale of ply-board manufactured by him and waste products arising therefrom.
Rates
Serial No.
|
Press size
|
Rate of lump sum per press per annum
|
Remarks
|
1.
|
8'x4'x10
|
Rs. 9.00 lakh
|
8'x4'x10 press is designed to make 10 number ply-boards each measuring 8 feet by 4 feet i.e. 320 square feet ply-board in single operation.
|
2.
|
8'x4'x7
|
Rs. 6.30 lakh
|
8'x4'x7 press is designed to make 10 number ply-boards each measuring 8 feet by 4 feet i.e. 224 square feet ply-board in single operation.
|
3.
|
6'x4'x10
|
Rs. 6.75 lakh
|
6'x4'x10 press is designed to make 10 number ply-boards each measuring 6 feet by 4 feet i.e. 240 square feet ply-board in single operation.
|
4.
|
6'x4'x7
|
Rs. 4.73 lakh
|
6'x4'x7 press is designed to make 10 number ply-boards each measuring 6 feet by 4 feet i.e. 168 square feet ply-board in single operation.
|
5.
|
4'x4'x10
|
Rs. 3.21 lakh
|
4'x4'x10 press is designed to make 10 number ply-boards each measuring 4 feet by 4 feet i.e. 160 square feet ply-board in single operation.
|
6.
|
4'x4'x7
|
Rs. 2.25 lakh.
|
4'x4'x7 press is designed to make 10 number ply-boards each measuring 4 feet by 4 feet i.e. 112 square feet ply-board in single operation.
|
7.
|
Press of any other size not tabulated above.
|
Rs. 2008.93 per square feet
|
Press is designed to make ply-boards of size not exceeding 4'x4' i.e. 16 square feet per piece.
Tax so computed shall be rounded off to nearest thousand.
|
8.
|
Press of any other size not tabulated above.
|
Rs.2812.50 per square feet
|
Press is designed to make ply-boards of size exceeding 4'x4' i.e. 16 square feet per piece.
Tax so computed shall be rounded off to nearest thousand.
|
However lump sum for any additional press of the same or lower size shall be computed at one-half of the full rate tabulated above.
Indian needs GST,the compounding scheme both for CGST & SGST will have a drastic effect on the number of assessee base.
Industrial unit availing the benefit of deferment of payment of tax
An industrial unit availing the benefit of deferment of payment of tax if chooses to opt for payment of lump sum, shall pay lump sum at one-half of the rate as specified in table above for the remaining period of deferment and thereafter such unit shall pay lump sum for the next at least 5 years at the full rate specified therein and if the unit is closed down in the mean time, it shall be liable to pay up the whole of the amount of benefit availed by it in 12 equal monthly instalments.
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