vat tax on builder
This query is : Resolved
CA Vikas Agrawal
(Querist)
21 March 2008
sir,
we r builder, we buy land and give the works contract to contractor but in contract we provide them CEMENT & STEEL, and in contract agreement we mention that builder provide u steel & cement at no profit no loss,so contact amount is otherthan cement & steel cost.
my querry is how the accounting will done for Cement & Steel, and whether we liable to pay any M.P.VAT, AND WE R PVT. LTD. CO., whether we r liable to deduct WCT under M.P.VAT.
we r builder, we buy land and give the works contract to contractor but in contract we provide them CEMENT & STEEL, and in contract agreement we mention that builder provide u steel & cement at no profit no loss,so contact amount is otherthan cement & steel cost.
my querry is how the accounting will done for Cement & Steel, and whether we liable to pay any M.P.VAT, AND WE R PVT. LTD. CO., whether we r liable to deduct WCT under M.P.VAT.
05 May 2008
Dear,
you have to pay entry tax u/s 3(2) of Entry tax act of M.P.
yes u have to deduct vat as tds @2% if the value of contract is more than three lacs including material.
you have to pay entry tax u/s 3(2) of Entry tax act of M.P.
yes u have to deduct vat as tds @2% if the value of contract is more than three lacs including material.
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