Civil Contrator
This query is : Open
26 December 2017
Dear Sir
In case of a civil contrator, what would net tax payable along with form 3B, considering the following facts,
1. Total Payment Rs. 1 lac and tax @I2% Rs. 12000.00
2. In The Same period cement purchae Rs. 50000 and ITC Paid thereon Rs. 14000.
3. Now Contractor should pay Rs 12000 with challan
or
he should adjust it with available ITC?
Udaya Chandran
(Expert)
26 December 2017
Since your ITC is more than your liability, you need not to pay tax. You will have Rs.2000 excess ITC after adjustment.
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