Tax liability in composition scheme

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  1. Nitin Dongre

    Nitin Dongre New Member

    I am a small businessman in Bhilai, Chhatisgarh. My firm is register under Composition Scheem in Chhatisgarh.
    I want to know how to calculate my tax liability.
    For an example:
    In a financial year,
    purchase is 60 Lakh,
    and sale is 50 Lakh,
    what will be the tax liability?
     
  2. rudrabose

    rudrabose Active Member

    Is their any closing stock as well?
     
  3. RAMESH POLINENI

    RAMESH POLINENI New Member

    on your total sales value you should calculate the composition tax rate
     
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