Works Contract (composition Scheme)
This query is : Resolved
06 June 2009
Hi,
I have a query on the above mentioned subject matter. the contractor is executing construction contract in the state of Karnataka.
My Query is that under the KVAT 2003 WCT Composition Scheme the contratcor does not require to include the URD purchases made in executing the contract. Does this provision still exist or do we need to inclue the URD purchases in the taxable turnover?
Secondly the dealer executing the WCT Composition scheme is not permitted to make any interstate purchases? has there been any amendmend to this provision?
Kindly Reply to these queries?
Regards
CA K.P.Vinu Iyer
I have a query on the above mentioned subject matter. the contractor is executing construction contract in the state of Karnataka.
My Query is that under the KVAT 2003 WCT Composition Scheme the contratcor does not require to include the URD purchases made in executing the contract. Does this provision still exist or do we need to inclue the URD purchases in the taxable turnover?
Secondly the dealer executing the WCT Composition scheme is not permitted to make any interstate purchases? has there been any amendmend to this provision?
Kindly Reply to these queries?
Regards
CA K.P.Vinu Iyer
07 June 2009
There have been a number of changes. A current book maybe referred.
The URD purchases by the contractor would be liable for payment of VAT under Section 3 itslef.
WCT is eligible for either a compistion or regular and in case of regular scheme this makes no differecne. Interstate purchases can be made but I think the same should be subjected to state Vat.
The URD purchases by the contractor would be liable for payment of VAT under Section 3 itslef.
WCT is eligible for either a compistion or regular and in case of regular scheme this makes no differecne. Interstate purchases can be made but I think the same should be subjected to state Vat.
07 June 2009
There have been a number of changes. A current book maybe referred.
The URD purchases by the contractor would be liable for payment of VAT under Section 3 itslef.
WCT is eligible for either a compistion or regular and in case of regular scheme this makes no differecne. Interstate purchases can be made but I think the same should be subjected to state Vat.
The URD purchases by the contractor would be liable for payment of VAT under Section 3 itslef.
WCT is eligible for either a compistion or regular and in case of regular scheme this makes no differecne. Interstate purchases can be made but I think the same should be subjected to state Vat.
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