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).
T R SOOD & CO
New Delhi
CA Inter
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CAclubindia
