Dear All, please advise, what about the taxation system for work contractor.
spose a work contractor take a contract for making a home for individual or for a commercial building and contract value approx 15lac including material.
Q.1 He will charge GST on 15lac.
Q.2 He can avail input on material.
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Taxation on Works Contractor
Replies (3)
1 Yes
2. Yes also over labour and other inputs
Under GST, works contract us classified as Supply of Services.
1. GST to be charged on Rs. 15L
2. Input credit can be availed only on such inputs used only for rendering output services of works contract only. Refer S. 17 of CGST regarding this.
1. GST to be charged on Rs. 15L
2. Input credit can be availed only on such inputs used only for rendering output services of works contract only. Refer S. 17 of CGST regarding this.
Rs.15 lacs inclusive of gst. if gst paid on Rs.15 lacs then it comes to Rs.17.7 lacs. I think calculation should be 15x100/118=12.71+ gst 2.29
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