jafer (studies) (194 Points)
25 December 2012dear sir/madam,
Input goods used for execution of work contract (i.e., electroplating, mentioned in shedule 6 sec. 4(1)(C)) can be claimed for tax. ex:
A company executing contract of electroplating (listed in schedule vi u/s 4(1)c), vat rate is 5.5%, can claim input vat for the materials used ?
The 5.5% charged should be on the total bill or on the part.
Thanks in advance.
Sonu Kumar
(Account Manager)
(665 Points)
Replied 26 December 2012
You Can Take Input Credit on Goods Which is Directly Used in Construction Work/Production. but it can not Claim on Consumables Like On HSD for Vehicle, Labour Welfare Goods, other Material Which is Used Indirectly
If You are Filing Return Under Composit Scheme of Work Contract Charge 5.5% on Gross Bill.
If Labour Charges and Goods Value Ascertained then Charge Vat only on Value of Goods.
CAclubindia
