Information on works contract in VAT
This query is : Resolved
05 February 2009
1) Please throw some light on Works Contract in Sales Tax .
2) A Sub-contractor is in the Composition Scheme and pays VAT @ 5%. The Main contractor deducts 2% TDS from the payment to be made to the Sub-contractor. Is there any form in Sales tax for non deduction of TDS?
2) A Sub-contractor is in the Composition Scheme and pays VAT @ 5%. The Main contractor deducts 2% TDS from the payment to be made to the Sub-contractor. Is there any form in Sales tax for non deduction of TDS?
02 June 2009
Work contract falls under sales defination under sec 2.
"Transfer of property in goods(whether as goods or in some other form) involved in exucution of a work contract"
if contract amount is more than 1 crore then buyer or contractor, as the case maybe is liable to deduct the TDS @ set out by state at the time of payment, and diposit to goverment tresery.
he is also liable to provide the TDS certificate to deductee.
"Transfer of property in goods(whether as goods or in some other form) involved in exucution of a work contract"
if contract amount is more than 1 crore then buyer or contractor, as the case maybe is liable to deduct the TDS @ set out by state at the time of payment, and diposit to goverment tresery.
he is also liable to provide the TDS certificate to deductee.
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