Composition vat calculation
This query is : Resolved
R. A. RAI.
(Querist)
26 September 2011
please let me know how to calculate VAT liability in case composite scheme (Works Contract)
MJ Krishnamurthy
(Expert)
26 September 2011
Mr RA Rai,
In composition scheme you have to pay tax on the gross receipts at a fixed rate(5% in karanataka).If you entrust some of your work,even partly,to a subcontractor,the amounts paid to him can be claimed as exempt,if he is registered under VAT Act.
Under this scheme some of your labour charges bills also become taxable.
MJK
In composition scheme you have to pay tax on the gross receipts at a fixed rate(5% in karanataka).If you entrust some of your work,even partly,to a subcontractor,the amounts paid to him can be claimed as exempt,if he is registered under VAT Act.
Under this scheme some of your labour charges bills also become taxable.
MJK
07 October 2011
I agree with the expert
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