Vat
This query is : Resolved
Prashant singhal
(Querist)
04 August 2012
WILL ADVANCE RECEIVED FOR WORK CONTRACT BE TREATED AS SALES ? PLZ RPLY FAST. THANK YOU.
Prakash Kochar
(Expert)
05 August 2012
Advance payment shall be deemed to be the amount paid towards the execution of work contract only as and when such advance payment is adjusted against the total amount payable towards the work contract.
Prashant singhal
(Querist)
06 August 2012
Can you please illustrate it more ?+-
Prakash Kochar
(Expert)
06 August 2012
Adavance received as mobilisation fund will not be treated as sale, only when advance is adjusted againt payment for work done, or sale amount is credited on quantification will be treated as sale.
Prashant singhal
(Querist)
07 August 2012
In VAT 7A party wise details should be shown or bill wise ?
Prakash Kochar
(Expert)
08 August 2012
In MVAT ACT- VAT 7A party wise details are not required. For which state the query relates?
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