Works contract tax in orissa vat law
This query is : Resolved
25 January 2012
Abc Ltd is a Contractor & Simplex Ltd is a contractee. In the month of Dec 2011, Abc Ltd purchased Rs 750000.00 Material for works contract job in Orissa.The above purchase is a CST Purchase. Abc ltd received two bills from Simplex of Rs 326000.00 . Simplex Deduct VAt - TDs on Rs 326000.00 @ 4%.
Please inform me the Vat Calculation of the month of Dec 2011.
Please inform me the Vat Calculation of the month of Dec 2011.
14 February 2012
Mr. Ramen Ghosh,
The contractor has made all interstate purchases only.CST paid on these purchases can not be claimed as input tax credit.If you have maintained correct accounts of the contract calculate the value of labour and works expenses and reduce that amount from the receipts.Split the balance of taxable turnover into the goods suppied in the contract,apply the respective rates and calculate the output tax payable.As ststed by you Rs13040/- has deducted as TDS from your bill.Deduct this amount from the output tax and pay the balance amount to the Odisha Coomercial Tax Department.
The contractor has made all interstate purchases only.CST paid on these purchases can not be claimed as input tax credit.If you have maintained correct accounts of the contract calculate the value of labour and works expenses and reduce that amount from the receipts.Split the balance of taxable turnover into the goods suppied in the contract,apply the respective rates and calculate the output tax payable.As ststed by you Rs13040/- has deducted as TDS from your bill.Deduct this amount from the output tax and pay the balance amount to the Odisha Coomercial Tax Department.
Message likes :
1 times
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Entries in AIS regarding sale of units and shares
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
