Please let me know the exact computation of VAT liability for construction industry in Karnatak for developers.
Ex:- Total amount received 140 Land element 40 Total payment to sub-contractor is 60 Input VAT in the Sub contrator bill 6
So, please let me know: 1) How does the Tax Invoice look like? 2) What would be the Out put to be charged? 3) What would be the net VAT paylable to Dept?
09 August 2011
Mr A Padaki, Tax computation in this case is as follows: Total Receipts.... .... ... Rs140/- Less: 1)Land Cost.... ... Rs40/- 2)Payment to Sub-Con- tractor .... ... Rs60/- 3)Labour charges 30% of Rs40/- ... Rs12/- Total exemptions... Rs112/- Taxable amount Rs28/- Tax payable 14% on Rs28/- Rs4/- Several details such as admissibility of I/P tax,labour,some expenses can not be discussed here.If necessary contact me at 9482222280.
12 August 2011
Thanks for the answer, but still the specfic answer are waiting, and one more issue is that, Can I claim only VAT input? Let me know the answer for all above questions.
CAclubindia
