Dear Sir / Madam, We have awarded a civil contract to Contractor “A” under composite method. Hence “A” is claiming service tax 14% on 40% value of the contract value. As per TNVAT act he can’t claim vat under this method. During scrutiny of TNVAT & Service Tax documents, we came to know he is paying vat as per sec 5 of tn vat act as per gross profit method. My query is if one contractor is doing business under composite method and raising bills how he can pay vat under gross profit method by the way of splitting the materials like 5% & 14.5% and without claiming the amount from Employer. Is there any dispute will arise in case of any scrutiny comes from the vat department. Kindly guide us for better clarification.

Our supplier had filed Form 704 but didnt show our name in his J1 for the 2010-2011. His RC shows canceled in 2012. Now the department is disallowing my VAT credit & imposed interest till date & 100% penalty. What should we do in this case? Please reply.

Dear Sir

I want to know that whwn we purchase machinery as fixed assets and paid vat on that purchase, what shall we do in accounting and vat return. should we show this in our purchase and receive ITC or not

Plz Reply

Dear Experts,

Company has paid VAT on sale of some rights @ 5% in Madhya Pradesh (Entry no. 3 Sch II Part II).

As per prima facie reading of section 14 of MP VAT act, it appears that ITC is not available on such transaction.

Can anyone help with relevant case laws/section under which ITC is allowed on intangible assets purchased.

Regards

VAT is liable at 5% on the intangible goods viz import licence as per schedule 5 to the Telangana VAT Act.What constitutes turnover of import licence in VAT Act.

I am planning to buy a Flat in chikkalsandra and the builder is quoting the price back up as follows.
Basic cost @ 3390/- per sq ft for 1092 sq ft super built up area = Rs 37,01,880.00
Car park - Rs 2,00,000.00
BESCOM = BWSSB charges - 2,00,000.00

Total Cost = Rs 41,01,880.00

VAT( 5.5%)+ ST(3.5%) = 3,69,169.00


He is not giving any explanation on how he arrived at the tax amount.

Please suggest me whether these are correct figures or not.

What will be the actual calculation.

What is the VAT procedure in respect of sale of Row Houses. What is the VAT rate & shall the company is liable to pay service tax?
Give me the details of all of this.

DEAR SIR KINDLY PROVIDE DETAILS OF C FORM AND WHAT DETAILS REQUIRE TO SUBMIT C FORM

IF COMPANY UNABLE TO RECEIVE C FORM THEN WHAT ACTION SHOULD REQUIRE.

hi, can any 1 tell if ther s any problem if the uploaded invoice contain 2 same bill no. from same party with diff amount and diff rate

actually the situation is lik this,
a form 8 bill no. 208 contain 5 commodities with diff rate lik, 5% and 14.5%, amount 3000 + tax. in validation sheet it is shown as 1).208, 5% Rs 1000 and anotr as 2).208, 14.5% rs 2000. tax seperately. Is there any complications with this

Sir I have one query if we paid CST Tax against C Form not received for F.Y. 2010-11 paid in F.Y. 2014-15 and party not willing to pay the Tax to us. how to shown in accounts