Hell All,
One of my client is Govt contractor who takes the civil contracts frpm coporation he buys the material on his own with the payment of input VAT but when he raises the bill on coporation with the VAT, VAT amount will be deducted from the bill and paid directly to Sales Tac Dept. Pls let me know how to take the credit of the same while filing the VAT 120.
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VAT TDS in case of Govt contractors
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The payment of VAT on behalf of the contractor is nothing but provision made in the Act for witholding of tax/tax deduction at source on the value of the bill submitted by the Contractor. When the VAT Act contains such a provision, it is obvious that the deductor will issue a "Tax Credit Certificate" to the Contractor for the amount deducted and paid by him to the department. In view of this it is possible for the Contractor to take credit of this amount as payment of VAT which he is liable to pay in his Return and pay only the balance amount.
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