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5. Composition Scheme .
(1) A dealer making an application for registration under section 19 and opting for payment of tax under sub-section (1) of section 16, shall specify his intention to pay tax under section 16.
(2) A dealer paying tax at the rates specified in section 4 may elect to pay tax under section 16 only from the beginning of the following year by making an application in Form DVAT-01 within thirty days from the first day of the beginning of the following year.
(3) A person who is eligible under sub-section (3) of section 16 and elects to pay tax under sub section (1) of section 16 shall, on or before 25th July of the year of the commencement of the Act, file an application in Form DVAT-02, specifying his intention to pay tax under section 16 and give particulars of trading stock, raw material, packaging material and finished goods held on the date of commencement of the Act and on which he is liable to pay tax under sub section (6) of section 16.
(4) If a dealer, who has elected to pay tax under sub-section (1) of section 16, desires to reverse his option under sub-section (2) of section 16, he shall file an application in Form DVAT-03 within thirty days from the first day of the beginning of the following year.
(5) A dealer who is covered by sub-section (10) of section 16 shall give intimation to the Commissioner in Form DVAT-03 A.
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