Output tax in work contract tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2012
I have got an order under work contract tax in the state of orissa. i have a sales tax registration there.
i need to know my total output tax liability on a wct sale. CST/VAT, service tax, tds.
i need to know my total output tax liability on a wct sale. CST/VAT, service tax, tds.
28 December 2012
Mr Author,
Out of the total receipts you have to deduct 30% labour charges and expenses, and on he balance amount calculate the tax liability as per the quantity and rate of various goods consumed in the works contract. Reduce the amount of tax already paid on their purchases from the purchase invoices. The net amount is payable by you to thegovt along with returns. If you have opted for composition of tax pay 5% on the total receeipts. No input tax credit available in this method. If the contractee deducts tax(TDS) from payments, theen obtain certificates for that and take set off on such deductions also. If any balance amount is due that may be paid. Or,if it is excess you may ask for refund or adjust the same against next month's paymnet of tax.....mjk
Out of the total receipts you have to deduct 30% labour charges and expenses, and on he balance amount calculate the tax liability as per the quantity and rate of various goods consumed in the works contract. Reduce the amount of tax already paid on their purchases from the purchase invoices. The net amount is payable by you to thegovt along with returns. If you have opted for composition of tax pay 5% on the total receeipts. No input tax credit available in this method. If the contractee deducts tax(TDS) from payments, theen obtain certificates for that and take set off on such deductions also. If any balance amount is due that may be paid. Or,if it is excess you may ask for refund or adjust the same against next month's paymnet of tax.....mjk
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2013
Thank u sir.. What would be the applicable service tax rate?
03 February 2013
It will be 4.78% in compoaition scheme, and 12.45% under normal scheme.However confirm these rates from others.......MJK
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