vsns sharma (JOB) (100 Points)
12 November 2008Dear Experts,
My Co.(Gujart based) got Civil Contract of 50Cr. in AP. My Co.gave the Back2Back Contract for 45Cr. to XYZ Co.
(A) Am I supposed to registered under AP VAT?
(B) Is WCT applicable to me?
(C) Is it like WCT Composition Scheme?
Plz educate me.
Thanks,
VSNS SHARMA
CA. C V SURYAM
(Practising Chartered Accountant)
(865 Points)
Replied 12 November 2008
Hi Sharma, assuming that your company got contract recently and it is a Government contract, following are the answers to queries:
A) Yes, your company must be registered under APVAT. Anyway, unless registered already, the Client would not have entertained your company at tendering stage itself. Please check this.
B) Yes, WCT is very much applicable to your company but not to you.
C) May be. Because your company have option to go for composition or non-composition scheme depending upon the choice and other matters. Bi.
Johnson C
(Accountants)
(22 Points)
Replied 10 November 2009
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