HOW TO CHARGE SERVICE TAX AND KVAT/COT AND SERVICE TAX IN WORKS CONTRACTS.
SUPPOSE I AM A ELECTRICAL CONTRACTOR AND I AM CHARGING RS 10000/-HOW TO CHARGES VAT AND SERVICE TAX ON ABOVE THIS AMOUNT AND WHAT IS THE RATE OF SERVICE TAX AND WHAT WILL BE THE BILL VALUE.
11 July 2010
Options available are: Options for VAT: VAT on gross amount Less actual Labour; On gross amount less standard labour as specified ( say 25% as in Karnataka); On composition rate. Optins for ST: On balance amount of value [ gross amount less value offerred for VAT); Composition rate of 4.12% or avail central excise credit on all material and pay ST on the gross amount.
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