Calculation of t.o. for 50 lacs limit

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Shaikh Mujahid (Querist)
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22 April 2014 Can any one tell me whether in case of works contract using ratio 70-30, the material cost which is 70 % will be added for calculation of T.O.(for payment of tax on receipt basis). The dealer is not composition dealer.

KUMAR trp707@gmail.com

KUMAR trp707@gmail.com (Expert)
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22 April 2014 NOT CORRECT UR OPINION 70%-30% RATIO
ONLY 40% ON GROSS AS PER (24/2012ST NOTIFICATION)

CAN AVAIL NON COMPOSITION SCHEME.
YOU ARE REGISTRAR AS A VAT DEALER AND PAY TAX ON 60% OR HIGH AMOUNT.