Reverse mechanism under works contract.
This query is : Resolved
13 May 2014
On what value, tax liability @ 40% be calculated under works contract?
13 May 2014
The 40% tax liability is on total amount charged for works contract.As per Rule2A(ii)
Total Amount=Gross Amount charged for the works contract
Add:FMV of all goods and services supplied
Less:Amount charged for the goods and services
Less:Vat or sales tax ,if any levied.
The Gross Amount Charged doesnot include the value of land
Total Amount=Gross Amount charged for the works contract
Add:FMV of all goods and services supplied
Less:Amount charged for the goods and services
Less:Vat or sales tax ,if any levied.
The Gross Amount Charged doesnot include the value of land
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