03 June 2012
Dear Sir Please Confirm When 8% vat is Applicable?
if goods is given for assembleling to a vendor. Vnedor charge to company "labour charges for assembleling' and 8% VAT thereon. shall we deduct TDS on above transcation. It is wiring work for big electricity panels whereas material is used.
04 June 2012
Under composition scheme tax payable is 8% on gross value for work contracts other than construction work. If property in the material used by contractor is transferred to principal, the transaction is work contract where in tax is to be deducted, subject to conditions of VAT provisions.
CAclubindia
