While doing interstate work contract, we are liable to pay CST with the amendment in the CST Act. The client is also liable to deduct taxes from payments and pay to the Government of the state where the work is executed. Is it not a double taxation. Please guide how to go about in this case. Works contract is bein g deducted and not Income tax

Dear Sir,

Whether VAT on Fixed Asset total credit available in the same year in which asset is purchase in MVAT Act?

Mr. A has to collect VAT of Rs.250000. He has not collected the amount as it was not clear whether VAT is applicable or not on the product. The court gave verdict in favour of Revenue. He has to make the payment. He has made the payment and showed it as VAT (Under protest) on the asset side.Since the Revenue has won on the first appeal there is no chanse for winning in the second appeal.If the party fails to win ,how he has to account for the VAT paid from his pocket. Whether the present tratment of VAT (under Protest ) is correct.Is it a Current asset.What is the appropriate treatment?

It seems the question is not properly understood. As per my understanding if we fail to collect VAT from customers we have to bare it from our pocket. Therefore what ever we have paid as VAT is a loss for us as we have not collected it. Even IF VAT is not applicable the Court may not order for refund of the amount which is collected from the public and remitted. It mat say that hereafter the party need not collect. In such a situation what is the position of VAT amount shown as current asset? Is it better to write off the same as loss. For example there are two business persons A and B. A has collected VAT Rs 250000 and B did not collect. Since the revenue has won in the first appeal both have paid the amount.A paid the collected amount and B paid out of his pocket since he has failed to collect it from the public. Whether B can claim it as current asset. He is only an agent for VAT collection. How can he claim it as his current asset. I hope the situation is now more clear. Please explain what should be the treatment for the amount paid as it is the amount to be collected and remitted and it is not an amount due from the party.

In works contract we are supplying and instolling the motor pump for irrigation project is it taxable for at 5% instead of 14% as per Sixt Schedule

Hello,

I'm a Registered Dealer in Maharashtra. I get Works Contract done from another Regd Dealer in Maharashtra. Now, I want to deduct TDS @ 2% since the value of WC >5 lacs.



1) Do I have to register for a Tax Deduction No. like we have TAN no. in Income Tax? Or should I use my MVAT no. itself? Or should I use TAN no. from Income Tax for this purpose.



2) Is there a way to check details of TDS online like we have Form 26AS in Income Tax?



3) What about TDS returns in MVAT? Is there any concept like that or do we just have to give details of the same in our MVAT return? If we have to file TDS returns, will I have to file them quarterly just lke Income Tax? Which form no.?

The Proprietor and the address of the business is same as was at the time of registration. However he wants to change the name of his Proprietory concern to some other name.
so, Kindly suggest the detailed procedure for change in the name of Proprietory concern under MVAT Act,2002.

Thank You.

whether vat should be deducted if contractor has no Tin number and if he has no TIN and contract is WCT then what should be done in this case

Apart from TDS in Income Tax Act, 1961, am I correct that there is also TDS in MVAT(Maharashtra VAT) Act, 2002? If yes, on what amount is it deducted and when is it liable to deducted?

my client is a authorised car dealer of tata motors, registered under both central and local sales tax act. can it purchase workshop equipment (fixed asses) against 'C' form.

Sir.,

IN CST WHAT IS THE C FORM, WHO HAVE TO SUBMIT THIS FORM, IF NOT SUBMITS, HOW,
ONE OF THE SELLER IS ASKING C FORM,
FOR THE SAME QUARTER WE TAKE 2 TIMES OR NOT