Composition vat calculation
This query is : Resolved
26 September 2011
please let me know how to calculate VAT liability in case composite scheme (Works Contract)
26 September 2011
Mr RA Rai,
In composition scheme you have to pay tax on the gross receipts at a fixed rate(5% in karanataka).If you entrust some of your work,even partly,to a subcontractor,the amounts paid to him can be claimed as exempt,if he is registered under VAT Act.
Under this scheme some of your labour charges bills also become taxable.
MJK
In composition scheme you have to pay tax on the gross receipts at a fixed rate(5% in karanataka).If you entrust some of your work,even partly,to a subcontractor,the amounts paid to him can be claimed as exempt,if he is registered under VAT Act.
Under this scheme some of your labour charges bills also become taxable.
MJK
07 October 2011
I agree with the expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- DTCP approval
- Residential status for filling income tax returns in India
- Whether still royalty
- Strategic Performance Management and Business Valuation
- Appeals vs Writ court -certain doubt
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
