Composition rate on wc

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Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2012 Hi
I want to know the Composition Rate of Vat and Service Tax applicable in fy 2012-13.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 April 2012 In Kerala state it is 3% of the whole contract amount.

Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2012 Thank you very much for your kind reply.
But I was asking for state of Maharastra

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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10 April 2012 Rate of service tax was 4.12% till 31/03/2012, it incresed to 4.944% w.e.f 01/04/2012.
The above rate is inclusive of education cess.Works contract is also chargeable to VAT @1% of the gross amount.

Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2012 Thank you Mr. Amit
But please reconfirm the Vat Rate because we are currently Charged @ 5%

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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10 April 2012 Yes, you are right it is 5% at present in maharashtra.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2012 Thanks again Sir.
Has this increased in state budget to 8 %.
I had heard from my seniors.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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10 April 2012 No it is same as earlier.

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