Thursday, 25 June 2015

Assessee can't opt out of compounded levy scheme in middle of year

CST & VAT: Kerala VAT - Where for assessment year 2010-11 assessee opted for payment of tax at compounded rate under section 7(1) and it had paid tax upto August, 2010 at compounded rate and thereafter it sought for withdrawal of permission to pay tax at compounded rate, it was not open to assessee to turn around and extricate itself from liability to pay tax at compounded rate

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