Work contract
This query is : Open
15 January 2011
Dear All,
As i am running business of Contractor registered with Indian Oil Corp. Ltd (public sector/govt. undertaking) which includes activities like const. / repair of roads, ecectrical pannels/cables, tank installation, Fabrication, building etc (all the work at petrol pumps). I am paying VAT 4% which is deducted at source & TDS. All the rates of IOCL is inclusive of all taxes.
Plz let me know is the service tax applicable on us & if yes how much & from which date.
plz let out a easy way as we have very little profits in our business.
As i am running business of Contractor registered with Indian Oil Corp. Ltd (public sector/govt. undertaking) which includes activities like const. / repair of roads, ecectrical pannels/cables, tank installation, Fabrication, building etc (all the work at petrol pumps). I am paying VAT 4% which is deducted at source & TDS. All the rates of IOCL is inclusive of all taxes.
Plz let me know is the service tax applicable on us & if yes how much & from which date.
plz let out a easy way as we have very little profits in our business.
16 January 2011
Yes service tax is applicable on your work since 10.09.2004.
Present rate is 10.3%, however if you are going for composite scheme rate is 4.12%.
Service tax does not depend on profit margin. You will get the credit of tax which you have paid on input.
Present rate is 10.3%, however if you are going for composite scheme rate is 4.12%.
Service tax does not depend on profit margin. You will get the credit of tax which you have paid on input.
16 January 2011
i think it was applicable from 2006 or 2007. I read somewhere if you are working for govt you can pay 2% for civil contractors. else i also read they can all opt in for WC and pay 2.06 % after deducting the amount on which VAT is paid. Further they are admissible for the credits on capital goods as well as input servcies.
Also we are not getting any benifit on input tax, as 4% vat is applicable on us, 4% isdeducted at source & what ever we pay extra at purchasing should be refunded but the sales tax department doesn't pay refund.
plz let me way out with minimum tax
Also we are not getting any benifit on input tax, as 4% vat is applicable on us, 4% isdeducted at source & what ever we pay extra at purchasing should be refunded but the sales tax department doesn't pay refund.
plz let me way out with minimum tax
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