Composition scheme amendment: option to withdraw and revised eligibility, rates, and modalities for works contract dealers. The amendment modifies the composition scheme for works contract dealers by allowing existing opt ins to withdraw from the scheme by filing Form WC 02 for the third quarter, revising composition rates and turnover thresholds, requiring single scheme election per dealer per financial year, and adjusting forfeiture. It updates modalities for opting and switching between Scheme A and B with Form WC 01 and SS 01 obligations for tax on opening stock, permits adjustment of payable amounts against tax credits with refund or carry forward options, and prescribes Form CC 01 procedures and differential TDS treatment between contractor and subcontractor.
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Composition scheme amendment: option to withdraw and revised eligibility, rates, and modalities for works contract dealers.
The amendment modifies the composition scheme for works contract dealers by allowing existing opt ins to withdraw from the scheme by filing Form WC 02 for the third quarter, revising composition rates and turnover thresholds, requiring single scheme election per dealer per financial year, and adjusting forfeiture. It updates modalities for opting and switching between Scheme A and B with Form WC 01 and SS 01 obligations for tax on opening stock, permits adjustment of payable amounts against tax credits with refund or carry forward options, and prescribes Form CC 01 procedures and differential TDS treatment between contractor and subcontractor.
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