Works contract under cot
This query is : Resolved
06 April 2013
If a dealer is registered under the KVAT act 2003 under COT as works contractor.
How to calculate the Vat payable amount under cot when there is a subcontractor and the rate of tax.
How to calculate the Vat payable amount under cot when there is a subcontractor and the rate of tax.
MJ Krishnamurthy
(Expert)
07 April 2013
The composition rate of tax is still 4% of the total turnover. If a part or whole of the work is entrusted to a sub-contractor then the amounts paid or payable to such sub-contractor shall be deducted from the main contrator's turnover.This is subject to the condition that the concerned sub-contractor is registered under the VAT Act and he has reported these payments received or receeivable as his receipts in his returns and paid vat accordingly......mjk
28 May 2013
Our learned friend and expert Mr. MJK is correct and has given you to the point reply I agree with him.
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