Set off on vat
This query is : Resolved
06 April 2012
Dear Team,
Request you to kindly help me with fallowing case.
I am currently working on construction project where composite VAT is applicable at 5% and Service Tax is applicable at 4.12%.
Now contractor purchase a Concrete @ 12.5% VAT.( which forms a raw material for building )
Now when it comes to the payment , I am liable on which of the following case.
1. 12.5% basic VAT + 5% composite VAT or
2. 7.5 % ( Difference of 12.5 % and 5% ) + 5% composite VAT.
Please help.
Regards,
Dhananjay B. Mande
Request you to kindly help me with fallowing case.
I am currently working on construction project where composite VAT is applicable at 5% and Service Tax is applicable at 4.12%.
Now contractor purchase a Concrete @ 12.5% VAT.( which forms a raw material for building )
Now when it comes to the payment , I am liable on which of the following case.
1. 12.5% basic VAT + 5% composite VAT or
2. 7.5 % ( Difference of 12.5 % and 5% ) + 5% composite VAT.
Please help.
Regards,
Dhananjay B. Mande
06 April 2012
I understand your want to ask about the liability of VAT I think Since your are using composite rate then simply there is a liability of 5% irrespective of VAT applicable on raw materials
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