HI ALL
PLZ TELL ME WORKS CONTRACT TAX RATE UNDER COMPOsite SCHEME UNDER DVAT
THX
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VAT URGENT ---------- WORKS CONTRACT TAX RATE UNDER DVAT - URGENT
Replies (16)
hi guys
plz ans the question, its urgent
thx
Plz tell me accounting treatment in VAT regarding deprecation of capital asset .wither VAT is adjusted regarding deprecation
hi guys plz ans the question
my dear can u clarify the meaning of dvat.if its denotes for delhi . if yes than confirm it than I will reply the same
regards
sunil
hello Sunil Sir
yes sir DVAT means Delhi Value Added Tax Act.
Depreciation is applicable on total value less vat. you can not claim dep on vat amount
hi
this is for Vijay K. Aggarwal
sir what u read and what urs ans is ?
Regarding Depreciation (In terms of Assam VAT):- Depreciation is no where related with VAT.... as regards WDV is concerned- VAT will not be a part of Cost or WDV if ITC is available on the same. So, accounting of depreciation will be the same whether VAT or no VAT. I think, it is clear now.
I dont think that u want to nkow the normal accounting treatment of depreciation.
i want vat rate on goods in rajasthan
in composition scheme the rate is 3 % on gross
Dear Sir
Can you tell me the rate of Goa Works Contract Tax / Composite Tax rate for repair of Jackup Barge
Thanks
Vinod
ANY SPECIFIED SITES WHICH CAN PROVIDE CLEAR UNDERSTANDING ON WCT STATEWISE
Hi Friends
Can any one no what is Tax rate applicable in works contract in DVAT
| Originally posted by : RANJIT KUMAR TRIPATHY | ||
 |
Hi Friends Can any one no what is Tax rate applicable in works contract in DVAT |
 |
Its 5% and 12.5%
Also depending on the type of Contract, Labour & Service charges can be deducted before charging vat.
For example, if my contract sale value is 1,00,000 (of Interior Decoration)
If I am unable to bifurcate the Item Value and Labour charges, In Delhi VAT Rules under Chapter II, department has given a chart to calculate VAT.
As per the Chart for interior decorations, 20% of the sale value can be considered as Labour and Service charges. On 80% of the sale value we have to charge VAT.
Interior Decoration Contract Value 1,00,000
as per the chart 20% can be deducted as Labour, Service charges i.e, Rs. 20,000
Taxable amount will be Rs. 1,00,000 - Rs. 20,000 = 80,000
VAT @ 12.5% (for example) on Rs. 80,000 will be Rs.10,000/- (Rs.80,000 X 12.5%)
If I am wrong please correct me....
Subramanya
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