CAclubindia

Queries Replied : 375

A tax professional with expertise of construction industry, particularly in the areas of VAT & Service Tax.

I do blogging at https://caclub.in also.

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ashok says : Input tax credit in WCT
I am an Interior Decorator (Making & Repairing furniture items and others). I am registered in MVat. My work involves supply of material & Labour (mostly furniture items). I charge vat @ 12.5% on new works & vat 8% on repair works. But now the problem arises on Tax Credit. I purchase @ vat 5% & 12.5%. I Sale @ vat 8% & 12.5%. I presently follow the credit system as : (1) First I reduce the total input tax(4% & 12.5%) paid on purchase from 12.5% vat sale. (2) The balance of input tax credit is reduce by 36%. Example : Tax collected on Sale @ 12.5% - Rs. 50,000/- @ 8% - 1,00,000/- Total Tax paid Purchase of 12.5% & 5% = 90,000/- Computation of tax (a)Sale tax collected on 12.5% sale – tax paid on purchase = 50,000 - 90,000 = 40000 (40,000/- tax credit to be reduced by 36% = 14,400) (b) Therefore Tax payable = 50,000 + 1,00,000 – 90,000 + 14,000 = 74,400/- Do I follow correct input tax credit system.

saurabh agarwal says : Service tax Construction service
Respected Sir Thanks for your early and prompt response.Kindly guide me whether these government projects are covered under turn key projects.And regarding your answer, sir if the main contract is exempt is exempted,than why not the sub -contract for the same activity is exempted. Respected sir, I m little bit confused regarding these issues of contracter and sub contarctor doing work for state governments. Is there any kind of literature available by you, which can guide me, withput wasting ur much time. Regards CA Saurabh Agarwal

mahesh nidhalakar says : lost of form 38
Dear Sir, Can we get the information of lost of form 38 on the official website of UP government.

Chandrasekhar says : pcc final
dear sir i have recently completed PCC,can i get my eligibility for final in nov 2010 and articleship will be completed on 22 sep 2010 can you kindly inform about the the best coaching in india for final