CAclubindia

MJ Krishnamurthy's Expert Profile

Queries Replied : 1703

About me

I am a retired Assistant Commisioner of Commercial Taxes of Karnataka. I retired in 1998 at the age of 58.During this service I tried to go in detail about sales tax laws. Immeadiately after retirement some companies wanted to retain me as their consultant. That is how my touch with the subject of VAT laws continued.The website of CAclub india is giving a good opportunity to share my knowledge with others. I am an exserviceman from IAF. So, Iam a little different from other taxmen. We should do some service to the community that has offered us so much, That is my purpose.....Bye.

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MJ Krishnamurthy says : VAT on Apartments
Mr Gquadras, Before completion, if enter into ageement you will liable for payment of vat on the entire property transferred in the work.....MJK

GERALD QUADRAS says : VAT on flat
Thanks for your reply. But I am not convinced. The liability of the payment of the VAT is on the “Goods” being incorporated in the works contract. If on the date of Agreement, part of the building is completed, then Goods already incorporated in the immovable property I feel cannot be subjected to VAT with respect to the contract entered with that customer.

MJ Krishnamurthy says : Work Contract Tax
Mr Rajesh Kotkar, The labour charges deduction on elctro plating WCT is 20% of the total charges ,not 10% as shown by your contractor,as per MVAT Rules 58A.He should charge 2% cst against 'C' form on 80% of the bill value. 'C' form can be used for interstate WCT also. In the bill he may or may not show the material and labour charges seperately. CST can be calculated on 80% of the value @2% and 'C' form also can be issued on that amount only. IT tds has to be made on the entire bill amount.....MJK

MJ Krishnamurthy says : VAT on Apartments 2006-2010
Mr Gerald, For those who have entered into an agreement before 1st April 2010,5%vat is applicable on the entire amount paid minus the cost of land, other amenities, and departmental charges(i.e.on 50% of the total amount)...MJK