17 February 2012
THE CONCEPT IS SIMILAR TO TDS UNDER INCOME TAX ACT. PURCHASER SHALL DEDUCT A CERTAIN AMOUNT FROM THE AMOUNT PAYABLE TO THE SELLER AS TDS AND DEPOSIT THE SAME WITH THE VAT DEPARTMENT.. THE SAME IS LIMITED TO GOVERNEMENT PAYMENTS AND CATERING CONTRACTS UNDER VAT (KARANTAKA VAT)
CAclubindia
