Shyam Kanabar (Article) (160 Points)
24 December 2011DEAR SIR,
What is the meaning of Works contract.Under the works contract if one party are providing goods and services to other party and other party are in composition scheme,at that time how much rate charged under service tax and under vat.WHY? Explian in briefly manner sir.
CA Prabhat Gupta
(Manager (Indirect Taxes))
(821 Points)
Replied 24 December 2011
Mr. Shyam,
Please refer to the link given & file attached below.
CA Prabhat Gupta
(Manager (Indirect Taxes))
(821 Points)
Replied 24 December 2011
Mr. Shyam,
Service Tax has to be charged at 4 % under composition scheme. VAT will differ from State to State.
Please refer to the links given & file attached below.
CS RAJESH C.CHOUDHARY
(ASSISTANT MANAGER)
(14607 Points)
Replied 24 December 2011
Dear Shyam,
Work contract is a contract between two parties whereby one party provides certain services to the other, acception certain consideration as per the terms and conditions.Could you please explain this composition scheme? or could you add little more facts so as to make the issue more clear. I think then the experts can give you appropriate reply.
CAclubindia
