works contract tax maharashtra
This query is : Resolved
RUPESH R.H.
(Querist)
05 March 2010
sir,
my client has a Electrical works contractor in Maharashtra. He has TIN No. & CST No. of Maharashtra & has TIN No in Karnataka.
Suppose, if he executed the work contract of Rs.50,00,000/- in Karnataka & Rs.50,00,000/- in Mahatashtra during the year 2009 - 10 then how will calculate the VAT Tax in Maharashtra & Karnataka
plssssssssssss send me example and return form of VAT
Sir, pls help Me?????????????????????????
my client has a Electrical works contractor in Maharashtra. He has TIN No. & CST No. of Maharashtra & has TIN No in Karnataka.
Suppose, if he executed the work contract of Rs.50,00,000/- in Karnataka & Rs.50,00,000/- in Mahatashtra during the year 2009 - 10 then how will calculate the VAT Tax in Maharashtra & Karnataka
plssssssssssss send me example and return form of VAT
Sir, pls help Me?????????????????????????
CA Umesh Sharma
(Expert)
07 March 2010
Under MVAT Act and Rules, for Works contact three options are there:
1) Composition Scheme U/s 42 were 8% tax is payable on total works contract on Non-Contruction contract with retention of setoff of 66%.
2) Actual method as per rule 58, were tax is payable as per goods transfered and full setoff is available.
3) Percentage Method as per Rule 58, were deduction of 25% or as per given table will be available from the contract amount and on balance tax to be paid.
Please refer to above rules for more details.
Form No 233 is there for Works Contracts.
1) Composition Scheme U/s 42 were 8% tax is payable on total works contract on Non-Contruction contract with retention of setoff of 66%.
2) Actual method as per rule 58, were tax is payable as per goods transfered and full setoff is available.
3) Percentage Method as per Rule 58, were deduction of 25% or as per given table will be available from the contract amount and on balance tax to be paid.
Please refer to above rules for more details.
Form No 233 is there for Works Contracts.
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