VAT on Contracts

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
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03 January 2011 I have started contract works of Building Elevations for Government buildings, They are deducting vat @ 4% on contract amount. I want to know do I need to any additional amount as I am already paying the vat on purchases as well.What is the procedure for composition scheme.

Thanks

Hitender Gaur

Hitender Gaur (Expert)
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04 January 2011 If you are opting composition scheme in VAT for WCT then there is no need to pay any tax(Tax) other then TDS @ 4% deducted by the department/employer from your RA Bills/Bill. You cant claim any input credit on you purchase and VATt paid by you or labour component i.e. 25%. But if you choose other oprions then you can get all benifits/deductions.

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