https://www.taxtmi.com/news?id=67330 The bill allows eligible small dealers a one-time election into the composition scheme that remains effective until voluntary exit or loss of eligibility; Schedule E dealers within the turnover limit may pay tax at a fixed rate, payable in lump sum or instalments. Composition dealers cannot claim input tax credit, charge VAT on invoices, or issue tax invoices to other dealers, and must maintain separate accounts for multiple business classes. The amendment also sets a final filing date for Section 31B settlement applications, creates a right of appeal to the VAT Tribunal for Section 31B orders, and imposes a two-year limitation for VAT refund claims from the close of the relevant financial year, subject to limited exceptions. en-us Wed, 14 Jan 2026 12:31:02 +0530 Wed, 14 Jan 2026 12:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=67330 The bill allows eligible small dealers a one-time election into the composition scheme that remains effective until voluntary exit or loss of eligibility; Schedule E dealers within the turnover limit may pay tax at a fixed rate, payable in lump sum or instalments. Composition dealers cannot claim input tax credit, charge VAT on invoices, or issue tax invoices to other dealers, and must maintain separate accounts for multiple business classes. The amendment also sets a final filing date for Section 31B settlement applications, creates a right of appeal to the VAT Tribunal for Section 31B orders, and imposes a two-year limitation for VAT refund claims from the close of the relevant financial year, subject to limited exceptions. News - Wed, 14 Jan 2026 12:31:02 +0530 https://www.taxtmi.com/news?id=67330