wct
This query is : Open
mohsin balwa
(Querist)
16 April 2017
we are the contractor and we are taking contract from developers at the time of raising the bill to the developers I am calculating service tax on basic sale amount and vat is on basic + service tax amount
for expample :- total construction cost is :- 100000
service tax @ 40% :- 40000
total ;- 140000
Vat @ 5% :- 7000
gross receivable 147000
is it a correct method to calculate vat?
please help me
thanks
MJ Krishnamurthy
(Expert)
16 April 2017
Mr Balwa: There is a point. Whether you are collecting VAT and ST in your bills or not. Now if the work value is Rs1L the amount taxable for ST is 40% of it ,i.e.Rs40,000-00. For Ex: ST rate is 15%.So,ST chargeable here is 15% of Rs40,000-00=Rs6,000-00.VAT is chargeable @5%,you say,i.e. composittion rate, which is equal to 5,000-00.Your bill should be for Rs1,00,000-00+Rs6,000-00+Rs5,000-00=Rs1,11,000-00......mjk
mohsin balwa
(Querist)
16 April 2017
thanks you sir for your valuable advice
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