24 July 2014
Dear Sir, Our company is coming under works contract in Tamilnadu VAT.. One of our client has been deducted VAT TDS of our payments in the period of last year (2013 – 2014) which they remitted to govt. They have not intimated for the deduction is VAT TDS and not issued any Form R & Form T copies.
Recently in the current year when I do reconcile with the books of client we found a discrepancy that is VAT TDS value…. Now that client is sent hardcopy of Form R & Form T which they already made payment to govt in the last year itself…
My doubt is whether I can adjust Form T in the current year of VAT Monthly Return…
24 July 2014
The VAT TDS is only a certificate. You can work out your correct works contract output tax value correctly in your TN vat return and adjust the tax deducted by your client. You need not reconcile the value of works contract taken by the client. you have to see only the TDS vat value for your output tax adjustment.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 July 2014
Thanks for your valuable answer.....
Actually we are doing n number of contracts for which purchases made also.... we are filing the monthly return of VAT based on running invoices which we raised during the contracts and same purchases made from suppliers...
for ex : A is client who is giving order for contracts value Rs. 10 crores and released mobilization advance 30% of order...completion period one year Based on the order & advance B starts the work as soon as purchases made in every month and raising Work contracts invoices to the client based on percentage of work.... B shows purchases & works contract sales in his monthly return regurarly as and when raised... A deducted VAT TDS 5% on advance which is given in the beginning of the order(AY 13-14) which is duly remitted to govt on 1st Aug 13 but not issued Form T certificate to B... At the end of period(AY 14-15) A given Form T certificate to B... whether B can take Form T certificate to current monthly return on July 2014...
1. is there any due date of claiming Form T under TN VAT ?.....
CAclubindia
