Calculation of vat & service tax under wct
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2011
Dear Friends,
can anyone explain the procedure for calculating the VAT and Service Tax under Works Contract Tax. Please consider the value of work contract is Rs.1,00,000/-. My concern is whether the VAT Calculation @ 4% on sum of (100000+ 4.12% of 100000) or VAT @ 4% on 100000 and ST @ 4.12% on 100000. Which one is the correct procedure.
please help me
Thanks & Regards,
Suman M.
can anyone explain the procedure for calculating the VAT and Service Tax under Works Contract Tax. Please consider the value of work contract is Rs.1,00,000/-. My concern is whether the VAT Calculation @ 4% on sum of (100000+ 4.12% of 100000) or VAT @ 4% on 100000 and ST @ 4.12% on 100000. Which one is the correct procedure.
please help me
Thanks & Regards,
Suman M.
29 August 2011
It will be liable under VAT only and hence require to chrage VAT @ 4% on same which will be Rs. 4,000/-
For further details follow the following article.
https://www.salestaxindia.com/htms/articles1.htm
For further details follow the following article.
https://www.salestaxindia.com/htms/articles1.htm
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