dear all, Namaste !
we are a Regisred Partnership firm , We are Doing engg Works Contracts for PETROEUM COMPANY OF GOVT OF INDIA in Karnataka,we are Regd KVAT Dealers Under Composition Scheme, we are being asked by the CT dept to Produce our PURCHASE RECORDS FROM YEAR 2006 TO TILL DATE, IS IT NECCCESSARY IN COMPOSITION SCHEME to PROVIDE PURCHASE PARTICULARS IN KARNATAKA UNLIKE IN OTHER STATES OF INDIA, IF YES AS PER WHICH RULE/s OF KVAT?. IF NOT REQUIRED AS PER WHICH RULE/S OF KVAT Act. PL GIVE ME AN URGENT REPLY, THEY ARE BEHIND MY TAIL - K
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Karnataka vat wct composition scheme
Replies (1)
Even under composition scheme,if purchases are made from URDs and interstate dealers additional tax liability arises..Most of the contractors buy some goods like,sand,grit,bricks,lime etc from URds and interstate purchases of tiles,cement,timber etc .Also the purchases should match with the receipts T.O. declared.To know such details purchase records are also to be produced....mjk
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