22 February 2016
In almost all States,except Karnataka, the VAT rates are respective rates applicable to the goods consumed/used in a works contract. Quantity and value of goods used such as cement,steel,electrical and plumbing goods,paints etc.in a contract are to be ascertained from the purchase bills/accounts and stock statements. On this basis separate list are to be prepared for each month for two rated i.e. 5.5% and 14.5% goods for calculating output and input taxes......mjk
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