Vat and cot
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2012
HI SIR THIS IS CHARAN KUMAR
ONE OF MY NEW CLIENT HAVING VAT REGISTRATION IN KARNATAKA VAT ACT BUT HE HIS A CIVIL CONTRACTOR DOING CONTRACT WORKS 3 TO 4 COMPANIES WITH LABOUR AND MATERIAL,,, HE IS GIVING BILLS INCLUDING LABOUR AND MATERIAL AND HE IS PURCHASING MATERIAL WITH TAX..
MY POINT IS
1. WHETHER I HAVE TO GO WITH VAT FILLING EVERY MONTH AS LABOUR CHARGES AND TAKING INPUT AND OUT PUT TAXES FOR MATERIALS,
2. OR CHANGE FROM VAT TO COT
3. IF ITS IN VAT HOW I TREAT IS TRANSACTION IN MONTHLY RETURNS.
4. HOW THIS VAT CALUCALTION DONE FOR INPUT TAX AND OUT PUT TAX AND LABOUR CHARGES.
PLS SOME ONE HELP ME
ONE OF MY NEW CLIENT HAVING VAT REGISTRATION IN KARNATAKA VAT ACT BUT HE HIS A CIVIL CONTRACTOR DOING CONTRACT WORKS 3 TO 4 COMPANIES WITH LABOUR AND MATERIAL,,, HE IS GIVING BILLS INCLUDING LABOUR AND MATERIAL AND HE IS PURCHASING MATERIAL WITH TAX..
MY POINT IS
1. WHETHER I HAVE TO GO WITH VAT FILLING EVERY MONTH AS LABOUR CHARGES AND TAKING INPUT AND OUT PUT TAXES FOR MATERIALS,
2. OR CHANGE FROM VAT TO COT
3. IF ITS IN VAT HOW I TREAT IS TRANSACTION IN MONTHLY RETURNS.
4. HOW THIS VAT CALUCALTION DONE FOR INPUT TAX AND OUT PUT TAX AND LABOUR CHARGES.
PLS SOME ONE HELP ME
CA. Hari Kishan
(Expert)
25 December 2012
You can refer to section 7 - time of sale and also rule 3(2) which deals with determination of total and taxable turnover and details the deductions eligible.
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