Work contraceter
This query is : Resolved
ASHISH KUMAR
(Querist)
27 August 2012
i am not know who is work contrecter how i deal it in vat what person called contracter what rat of vat
RENGARAJ R.K
(Expert)
28 August 2012
Suppose an assessee (registered under VAT Act) is asking a contractor to construct, or to repair or to renovate a building. The service provider is called works contractor and the person who gives the order is service receiver. After completion of the work, the contractor will submit a bill collecting applicable VAT and service tax, when his turnover exceeds Rs.10, lacs in a year.
The service receiver will deduct TDS (income tax) and VAT TDS as per your state vat percentage. The service receiver also has to pay service tax on the 50% of bill value less applicable abatement.
The service receiver will deduct TDS (income tax) and VAT TDS as per your state vat percentage. The service receiver also has to pay service tax on the 50% of bill value less applicable abatement.
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