We have issued an invoice of a service bill to TSECL with VAT. but department has deducted WCT on bill value. So my querry is how double taxation are applicable on same inovice.
Rakesh (Accountant) (21 Points)
02 January 2017We have issued an invoice of a service bill to TSECL with VAT. but department has deducted WCT on bill value. So my querry is how double taxation are applicable on same inovice.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 02 January 2017
In some states TDS is deducted on VAT over Works Contract known as WCT, so that may be applicable in your case.
ABCI Electro-Transmission
(2 Points)
Replied 02 January 2017
But, In Tripura, how can be VAT Return show in same value i.e, 14.5% VAT & 8% (85% of total bill value) are applicable one one bill. We claim VAT Subsidy and WCT also considering under subsidy value. So please help to prepare the VAT return where VAT & WCT are applicable on same bill and also how to calculate the Gross sale value.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 02 January 2017
Actually, VAT is state subject and I am not aware of Tripura VAT rates for different goods and specifically composition rates on works contract, (if that be your case)
You may refer to following link for your understanding.: 1. /experts/vat-service-tax-on-works-contract-387195.asp 2. https://www.salestaxindia.com/htms/articles1.htm
Secondly, please note that the amount deducted may be TDS, which you can get refunded by filling VAT return.
Finally, I would suggest you to get services of any local tax expert to clarify the issue.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
