New Composition Scheme for Restaurants and Halwais

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.... Subject: New Composition Scheme for Restaurants and Halwais A new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16 (12), wherein the registered dealers whose annual turnover is upto Rs. 50 Lakhs and who makes sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coffee et....

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....i.e. as per section 3) opts for composition scheme. It is also  clarified that such dealers while shifting from composition scheme under section 16(1) to the new composition scheme notified under section 16(12) w.e.f. 1^st April, 2016 shall not be eligible for claiming ITC on closing stock held by them on 31^st March, 2016. It is further clarified that the applications in respect of the ne....