WORK CONTRACT SERVICE
This query is : Resolved
24 June 2010
X is a Manufacturing Unit. He has given Work Contract to Y for Fabrication. I want to make the Definition of Work Contract Service Clear. If it is necessary that IT MUST BE A COMPOSITE CONTRACT OF MATERIAL & SERVICE? CAN WE MAKE WORK CONTRACT FOR SERVICE ONLY?
24 June 2010
Pl see "types of works contracts covered" in the article available in the following link.
http://www.icai.org/resource_file/96451552-1555.pdf
http://www.icai.org/resource_file/96451552-1555.pdf
24 June 2010
I read this details but as of in the beginning there is details as under
Explanation — For the purposes of this
sub-clause, “works contract” means a contract
wherein, —
(i) transfer of property in goods involved in
the execution of such contract is leviable to
tax as sale of goods, and
(ii) such contract is for the purposes of carrying
out,—
What does transfer of property in goods involved in
the execution of such contract is leviable to
tax as sale of goods mean?
Explanation — For the purposes of this
sub-clause, “works contract” means a contract
wherein, —
(i) transfer of property in goods involved in
the execution of such contract is leviable to
tax as sale of goods, and
(ii) such contract is for the purposes of carrying
out,—
What does transfer of property in goods involved in
the execution of such contract is leviable to
tax as sale of goods mean?
24 June 2010
There should be materials involved in the works contract and that material is liable to be assessed under the Value Added Tax Act being deemed sale of goods.
Pl read the ICAI article , once again,under the captioned heading, referred by me, which will support my understanding.
Pl read the ICAI article , once again,under the captioned heading, referred by me, which will support my understanding.
19 February 2011
Bring into Works contract there shall be goods and services. Thus, if in your case, both goods and services are being included then you can register under WC services.layman term both sales and services have been included in this transactions
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