How many types of contract in vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 December 2012
Dear all,
(From Andhra Pradesh)
Someone asked me to write their account which is contract works
But I don't know VAT procedures in contract works
I asked so many persons about VAT procedures in contract works, they told some points i.e., composition scheme, pay 1% tax at the time of apartment registration, take 30% as a standard deduction, give 250 form like that but I could not get proper answer
So please explain how many types of contract in VAT and what are the correct procedures
i am waiting for your valuble reply
(From Andhra Pradesh)
Someone asked me to write their account which is contract works
But I don't know VAT procedures in contract works
I asked so many persons about VAT procedures in contract works, they told some points i.e., composition scheme, pay 1% tax at the time of apartment registration, take 30% as a standard deduction, give 250 form like that but I could not get proper answer
So please explain how many types of contract in VAT and what are the correct procedures
i am waiting for your valuble reply
MJ Krishnamurthy
(Expert)
02 December 2012
Mr Author,
There is only one type i.e. Works contract
Itmay be under regular tax payment scheme or under composiiton scheme.In the regular scheme you have to deduct 30% of receipts towards labour charges and charge/pay VAT at respective rates of mterial. For composition scheme the method is to charge 4 or 5% on the entire receipts and pay as per state rates.Input credit is available under regular schemebut no such benifit under composiiton scheme.....MJK
There is only one type i.e. Works contract
Itmay be under regular tax payment scheme or under composiiton scheme.In the regular scheme you have to deduct 30% of receipts towards labour charges and charge/pay VAT at respective rates of mterial. For composition scheme the method is to charge 4 or 5% on the entire receipts and pay as per state rates.Input credit is available under regular schemebut no such benifit under composiiton scheme.....MJK
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Capitalgain tax purposes for valuation report compulsory
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Non filing of I T Returns
- Under marginal scheme
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- TAX AUDIT ON PROFESSIONAL INCOME
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
