What is works contract under ap vat?
Querist : Anonymous
(from andhra pradesh)
what is works contract under AP VAT?
who will come under works contract?
who has to take VAT?
and
How they file VAT Returns?(because in contracts there is no resale of goods)
A works contract is work of construction,building,repair,fitting,installation,along with supply of material required. Transfer of property in these works is laible for VAT and cost of service is chargeable with ST. The contractor has to pay VAT and ST.Normal monthly returns are filed declaring receipts and exemptions etc......mjk
Querist : Anonymous
I have few doubts
1) In domestic area some Masons are construct single building so are they come into under VAT
2) You told some exemptions are there what are that
3) I listened some points about works contract under VAT, i.e., a) 30% Labour standard deduction, b) from material 90% value should take for input tax and 110% value should take for output tax and deference value should be paid as tax, c) directly deduct 40% from receipts and pay tax on remaining 60% d) Pay 1% tax at time of registration so please explain what is the correct for VAT Returns filing
Please kindly explain with one example
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