my client has a contract value 655500
-------------70% material=458850
-------------30%-labour=196650
vat deposited @ 14% = on 458850-=64239
is it right
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U p vat on works contract
Replies (3)
Is the total contract value is a composite contact which include material and services? Dealer can choose various options to discharge WCT VAT as per UP Vat act....one such option is under abatement roote dealer can avail 80; 20..i.e On the total contract value dealer can avail 20% deduction towards services and can pay wct vat on 80% value...
You need not deposit the entire amount of tax calculated @ 14%.The input tax paid on purchase of taxable goods can be deducted from the output(14% calculated by you) tax and the balance has to be paid/deposited along with the returns. In the normal course thee input credit will be around Rs 2.5 lakhs.You may have to pay only around Rs2lakhs .......mjk
THANKS TO DEAR SHANKAR AND RESPECTED SIR SHRI M J KRISHNAMURI JI
HERE I FORGET TO WRITE THAT MY CLENT HAVE NO PURCHASE BILLS
AS HE WORKED IN RURAL AREA FOR MOBILE TOWER FOUNDATION WORK AND PURCHASED ,SAND,BRICKS GITTI ,CEMENT ETC WHERE SELLER HAS NOT ISSUED ANY PURCHASE BILLS
THATS WHY I AM CALCULATING THAT CALCULATION
IN REF- HE HAS A CONTRACT WITH GTL CO WHICH IS PAYING HIM 14% FLAT VAT
I WANT TO KNOW IN WHICH SECTION OR ACT I CAN DO THIS- IN U P VAT ACT
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