Good Morning all ,
plz provide % age of basic value to be taken for VAT and Service tax for civil & interior works shown in example is right ..?
Ex - Work order value = 10,000,00 .00
K Vat @ 14.5% on 67% on W O Value
Service Tax @ 12.36 on .33% on W O Value
Dear Ganesh,
I am sorry I am not an expert in KVAT.
However, this being a works contract pertaining to immovable property, the following methods may be applied for taxability under Service tax law
Service tax @ 12.36% on the service portion out of the entire works contract;
If the bifurcation of service portion is not possible, Service tax shall be payable on 70% of the total amount charged.
RMA And Associates LLP
New Delhi
CA Inter
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Shyam S Gupta and Company
New Delhi
CA Inter
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N N V Satish & Co.,
Hyderabad
CA Inter
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CCI
Pro
CAclubindia
