Input tax credit on works contract
This query is : Resolved
14 December 2012
As my client is a building contractor, he entered into contract with Public welfare department (PWD), mentioning the contract value as rs. 51,00,000/-. there is nothing mentioned in the contract about VAT tax and the final payment is Rs. 51,00,000/- only nothing more can be recovered from the PWD !!!!!
1. Whether i have to consider the contract value inclusive of VAT Tax or Exclusive of VAT tax ?
kindly advise me in this regards.
1. Whether i have to consider the contract value inclusive of VAT Tax or Exclusive of VAT tax ?
kindly advise me in this regards.
CA SANDIP PATEL
(Expert)
14 December 2012
if nothing is mentioned in work contract then such contract will be considered inclusive contract
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