VAT on Contracts
This query is : Resolved
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
Thanks
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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