Our nature of work is fixing of Aluminium Windows and Facade work (i.e Structural Glazing, ACP Cladding). Kindly guide me which of the below option is correct for making our Invoice under composition scheme of works contract:-
Option 1 Rs.
Basic 100.00
+Service Tax @ 4.12% on 100 (Inc. 3% Cess) 4.12
+MVAT @ 5% on 100 5.00
_____
Total Contract Value 109.12
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Option 2 Rs.
Basic 100.000
+Service Tax @ 4.12% on 100 (Inc. 3% Cess) 4.120
______
Total 104.120
+MVAT @ 5% on 104.12 5.206
_______
Total Contract Value 109.326
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Kindly advice which option we can opt if possible please provide the MVAT Act notifications for the same.
Regards
Kiran Pandya
CAclubindia
