Ajay s (Accounts Officer) (243 Points)
07 September 2011Dear All
We are an EPC Contractor and we registered under different services including Works contarct. Out of our several sites 2 are under works contract . There we are engaging sub contractors . Some contractors are charging 4.12% s.t in their bill and others 10.3. My question is whether we can take full credit on both the cases ?
Madhukar N Hiregange
(Chartered Accountant)
(38934 Points)
Replied 07 September 2011
| Originally posted by : Ajay s | ||
 |
If they are taking credit of inputs then only 40% credit allowed. if contractor is under abatement/ composition then full credit is available. |
 |
Ajay s
(Accounts Officer)
(243 Points)
Replied 08 September 2011
If they are taking means who ours or sub contarctor
Madhukar N Hiregange
(Chartered Accountant)
(38934 Points)
Replied 08 September 2011
If the sub contractors are availing credit of inputs like steel cement etc [ as diffrentiated from input services] and if charging 10.3 % then you can avail only 40% of the credit as per the amdnement made in FA 2011.
Ajay s
(Accounts Officer)
(243 Points)
Replied 10 September 2011
Sir My question is not solved so far
Under works contarct We received a n amount of 250000 + ST 10300/-
Meanwhile we paid 50000/- + 5150/- to a subcontarctor and another subcontractor 75000/ + st 3090/-
Please explain ours S.T Liability
Ajay s
(Accounts Officer)
(243 Points)
Replied 12 September 2011
pls solve my above if we are not availing credit of input materials
CAclubindia
