Dear Sir,
I'm a Interior Decorator (Original Works) From Karnataka. I Billed For a Pvt Ltd Company in Composition method ( I Don't know the exact value of materials). i adopted 60:40 ratio (I'm not sure whether it is right or wrong) as follows.
Gross Amount (material + labour) 10,00,000
Vat Part 60% (600000*14.5%) = 87,000
Labour Part 40% ( 400000*15%) = 60,000
I have Input of Labour (Cenvat Credit) tax is 5,000
My question is ---
1) Vat 60% & S.tax 40% on gross amount is right or wrong (some people are saying vat part is 70%) ?
2) Under reverse charge mechanism my part is Rs. 30,000 right ?
3) Can i claim Cenvat credit or not (i.e., S.Tax Payable is 60000-30000-5000=25000) ?

Kindly help me...
Pls Revert to my e mail id harishassociates8@gmail.com

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siva