Work contract tax
This query is : Resolved
27 October 2013
need to know about work contract tax in sales tax and would I claim it from govt.
29 October 2013
Mr Prosenjit,
Whenever there is any transfer of property in goods(consumption of goods)in a works contract vat will be applicable on the value of it.This value can be calculated by taking their purchase value and profit into account or by taking 70% of the total receipts.vat liability is calculated on the value of each of th goods at applicable rates.TDS is done from the payments due to a contractor at 4% from the govt and semi-govt organizations.
If this becomesexcess than the above said amount it can be claimed back thru returns.
......mjk
Whenever there is any transfer of property in goods(consumption of goods)in a works contract vat will be applicable on the value of it.This value can be calculated by taking their purchase value and profit into account or by taking 70% of the total receipts.vat liability is calculated on the value of each of th goods at applicable rates.TDS is done from the payments due to a contractor at 4% from the govt and semi-govt organizations.
If this becomesexcess than the above said amount it can be claimed back thru returns.
......mjk
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