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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query Regarding on TDS section 194H and 194J
- Applicability
- NR GST NUMBER
- ITR 6 Schedule CFL and UD Issues
- For REQUIRE INDIVIDUAL GST
- GST Department hearing
- GST Form ADT-02
- Application of 115BAC
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
