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Ongoing Works Contract

N.KRISHNAMANI SHASTRY (ACCOUNT OFFICER) (58 Points)

03 April 2017

sir,.
1.is there any separate agreements to be prepared by the contractors with work awarder for the balance of woks going on after March 31,2017.

2. From April to June 2017 ,how the taxes to be calculated. whether we need to submit vat return and service tax as at present going on!!!.

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160979 Points)
Replied 03 April 2017

" 1.is there any separate agreements to be prepared by the contractors with work awarder for the balance of woks going on after March 31,2017?" NO

" 2. From April to June 2017 ,how the taxes to be calculated. whether we need to submit vat return and service tax as at present going on!!" YES

Rajesh Kumar (Advocate- Tax) (7806 Points)
Replied 03 April 2017

No separate agreement required. For the first quarter VAT & Service Tax return shall be filed as usual. On last date of june, an invoice can be raised for the completed part of work contract and usual amount of VAT/Service Tax be paid.

From the appointed date, taxes are required to be paid under new GST regime.