Works contract tax
This query is : Resolved
22 March 2012
Please inform me the jharkhend works contract rate.
23 March 2012
Mr R Ghosh,
You have pay tax on the goods consumed in works contract at appropriate rates.As per rule 22 of Jharkand VAT Rules,some deductions from the total receipts are allowed to arrive at the taxable turnover.This taxable amount is to be bifurcated into the value of various goods directly(not sub contract),calculate the tax pay in returns.
There is a composition/presumptive tax scheme also. I have no information on those rates.Pl check up with a CA or the officials there....MJK
You have pay tax on the goods consumed in works contract at appropriate rates.As per rule 22 of Jharkand VAT Rules,some deductions from the total receipts are allowed to arrive at the taxable turnover.This taxable amount is to be bifurcated into the value of various goods directly(not sub contract),calculate the tax pay in returns.
There is a composition/presumptive tax scheme also. I have no information on those rates.Pl check up with a CA or the officials there....MJK
23 March 2012
The expert has given the correct answer and I agree with him
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