vat on work contract
This query is : Resolved
D C Sivastava
(Querist)
14 November 2008
an agreement have been executed by power company for construction of 33kv line where major material is being provided by company to contractor and some material will be arranged by contractor. the value of work contract is about 50lacs in which45lacsis erection carriage charges and remaining is the value of material arranged by contractor.what is applicability of vat in this case?whether power company will pay vat on material arranged by contractor or vat on full value of contract will be deducted by company?
CA Tilak Raj Sharma
(Expert)
15 November 2008
Company will deduct VAT on full value of contract like a TDS and the rate will be 2%.
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