Urgent-how to calculate of 5% vat under composition scheme
This query is : Resolved
27 April 2016
Dear sir, can any one clarify my doubt.
My doubt, we the contractee party supply goods worth (cement and steel) of Rs 10000/- to the contractors registered VAT dealer with VAT250 form
we pay Rs 50000/- for works contract under composition scheme, contractor uses the material supplied by us in executing the works contract, now my doubt is that how to compute 5% VAT, whether to include the value of Rs 10000 (supplied free of cost, cement and steel) while arriving 5% VAT under WCT OR NOT.
Give reply with calculations.
And this is for maintenance and repairs, service tax under RCM is also applicable, so kindly calculate both VAT portion and Service Tax Portion.
Thanking you in advance.
Expecting faster reply.
My doubt, we the contractee party supply goods worth (cement and steel) of Rs 10000/- to the contractors registered VAT dealer with VAT250 form
we pay Rs 50000/- for works contract under composition scheme, contractor uses the material supplied by us in executing the works contract, now my doubt is that how to compute 5% VAT, whether to include the value of Rs 10000 (supplied free of cost, cement and steel) while arriving 5% VAT under WCT OR NOT.
Give reply with calculations.
And this is for maintenance and repairs, service tax under RCM is also applicable, so kindly calculate both VAT portion and Service Tax Portion.
Thanking you in advance.
Expecting faster reply.
KAVIRAJA ADDANGADI
(Expert)
27 April 2016
WCT charged on Gross Bill Amount , If Free goods Value not included than no need to charge on Free Goods.
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