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 : KVAT WCT
Mr MK Bagrecha, The entire amount paid to a sub-contractor can be deducted from the main contractor's T.O.,so the ITC of the tax paid on the same can not be claimed...MJK

MJ Krishnamurthy says : KVAT WCT
Mr MK Bagrecha, The entire amount paid to a sub-contractor can be deducted from the main contractor's T.O.,so the ITC of the tax paid on the same can not be claimed...MJK

Sandhya says : Please guide me
Hello Sir can you please also guide us as to how much amount will come for registering this property and what will be the amount we might have to pay as registraction charges per lakh for registering a flat... Thank you in advance for your valuable inputs

Sandhya says :
Hello Sir we have booked a flat in bangalore and the cost is calculated as below 1150sqft*Rs 2600 2,990,000 VAT@5% on above 149,500 Cost of Car Parking 200000 3,339,500 I read one of your post that the VAT is applicable only on the cost of materials. So the VAT amount they have charged is excessive right ? Also they are telling that we need to pay service tax too. What is the rate of VAT and service tax currently ? They didnt tell us on any of these at the time of booking for flat. We gave them 567000 as down payment and has a sale and construction agreement. But we have not gone for bank loan yet. So before we go for loan we would like to ensure that we are not being cheated by them. Please guide us on this.

MAHENDRA KUMAR BAGRECHA says : KVAT -WCT
Dear Sir, I have a doubt in WCT. Can main contractor take input tax credit on sub contractor's bill under regular scheme of WCT under karanataka vat..?