Itc on works contract

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@student
234 Points Posted on 07 March 2014

Dear my question is whether an ITC can be availed on VAT charged on works contract ....

 

further if one is going to decide not to go with composition scheme tax but to charge full VAT rate e.g, 12.5% on total amount including Labour chagre then 

can he issue Tax Invoice ?

can registered dealer take ITC on the same ?

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On 07 March 2014 at 14:24 Report
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Head Of Department (Accounts & Finance)
1479 Points Posted on 07 March 2014
Dear neha yes you can avail any input tax credit which is charged on your business and it can be utilise as well to payoff the vat liability. secondly if a dealer is not under composition schm then, tax invoice is to be generated. lastly yes a registered dealer can take itc on such tax invoice. regards
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On 07 March 2014 at 14:41

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