hai Friends
I want know whether vat should paid on on whole sale or is there any deductions.
i heare that for contractors labour is allowed as deduction. Is it correct?
Menu
Re:vat
Replies (2)
Mr Roopanand,
Out of the receipts of works contract the value of labour and services with profirt is allowed to be deducted before VAT calculation.....MJK
Vat is applicable on materials sold in normal course. So, there is no question to levy tax on labour/services and in this case you can get input credit. There is one more option for a dealer who want to opt composition tax at fixed % (2% / 4%) on total amount of contract. This option is better for small dealers but you can't get any vat input set off.
Recent Topics :
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
Related Topics :
CAclubindia
