A construction company in Tamil Nadu is paying its VAT as specified u/s 5 of TN VAT Act. Is there any Specific provision or rule that the company should collect the same percentage or a specified percentage of VAT from its customers? Or is the company free to collect any amount for VAT?
Regarding Work Contract,
Pl. refer to VAT ACT Sec 13 , Rule 8(5), 9(1) to get more clarification deduction percentage, who to deduct, when to remit etc. in addition to VAT ACT Sec (5) & (6).
Shyam S Gupta and Company
New Delhi
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CCI
Pro
CAclubindia
