05 May 2017
Respected sir
I am working in construction firm we are taking contract from developers to build a building, at a time raising bill to the developers I am adding service tax @ 40% on basic contract amount and vat @ 5% on basic contract value
for example
contract amount is 1 lakh
service tax @ 40% 6K
vat @ 5% 5K
total 111
is it a correct way ?
CAclubindia
