Work contract tax

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Prosenjit

Prosenjit (Querist)
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27 October 2013 need to know about work contract tax in sales tax and would I claim it from govt.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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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

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