Vat audit

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In composition tax scheme i.e, as per Form Vat 120, Point No 4.3- Value of Goods purchased/ obtained from outside the state/country and transferred in the execution of works contract - is excluding vat amount or inclusive of vat amount,

For Ex:- Base Price Rs 100/-  , Cst on purchases @ 12.5%- Rs 12.5 , So, total price is Rs 112.50/-

So Which amount should be taken in Point No 4.3 of Form Vat 120?

                                                                          

Replies (2)
In this composition of works contract scheme, you cannot claim vat input on the purchases. Purchases should be shown including vat and VAT input should not be claimed.
I agree


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