https://www.taxtmi.com/caselaws?id=166409 An assessee who validly opted for composition of tax under section 7 of the Kerala General Sales Tax Act, 1963, and whose option was accepted, was bound by that election for the relevant year. The later enhancement of the compounded rate by the Finance Act, 2002 did not permit withdrawal from the compounded scheme or assessment on actual turnover. The assessment had therefore to be sustained at the revised compounded rate applicable for the year, because a taxpayer cannot resile from an accepted composition option merely due to an adverse rate change. en-us Mon, 31 Jan 2011 00:00:00 +0530 Mon, 22 Sep 2014 16:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166409 An assessee who validly opted for composition of tax under section 7 of the Kerala General Sales Tax Act, 1963, and whose option was accepted, was bound by that election for the relevant year. The later enhancement of the compounded rate by the Finance Act, 2002 did not permit withdrawal from the compounded scheme or assessment on actual turnover. The assessment had therefore to be sustained at the revised compounded rate applicable for the year, because a taxpayer cannot resile from an accepted composition option merely due to an adverse rate change. Case-Laws VAT and Sales Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166409