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Composition vat calculation

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(Querist)
26 September 2011 please let me know how to calculate VAT liability in case composite scheme (Works Contract)
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MJ Krishnamurthy

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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
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
07 October 2011 I agree with the expert
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