Construction cost

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2012 Sir,

Please clarify the below issue:

i purchased material Rs 30,00,000
and labour cost Rs 20,00,000
Overhead Rs 10,00,000
Profit Rs 5,00,000
---------
65,00,000
how to i raised invoice and also please clarify VAT and Service Tax issue.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 February 2012 This is based on Works contract act applied to respective state.

there is 2 different scheme, if you opted regular scheme, you can charge VAT on material portion under VAT and balance on Service tax

If you opted composition scheme, you need to charge both on total bill subject to abatement under VAT & Service tax

Querist : Anonymous

Querist : Anonymous (Querist)

09 February 2012 Ok sir,

1, if i compounded scheme under Tamil nadu. if i Vat opted 2% on total value and service Tax 4.03% total value or
2, vat 2/3 total value or service tax 1/3 total value.. please suggest ..

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 February 2012 Both the cases you need to raise single Invoice, under compounded scheme need to charge both taxes on total bill value

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