Vat calculation in works contract
This query is : Open
18 October 2012
We have adopted works contract option in one of our scheme. We are required to pay VAT @ 0.60%.How ever we have not collected VAT from Customer.. Shall I calculate vat on the amount collected directly(i.e. X * 0.60%). or through reverse calculation (i.e. X * 0.60/100.60)?? Here X = amount collected from customer..
Awaiting your valuable response..
Awaiting your valuable response..
18 October 2012
you should calculate vat through reverse calculation
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