M Srijesh Kumar (Senior Accountant) (35 Points)
14 September 2009We are a registered contractor under Orrissa VAT composition scheme. We have charged 4% WCT on 70% of Invoice value and 10.3% service tax on 30% of Invoice value.
I know, we can get full (100%) set-off against service tax but I have my doubt if I can get full (100%) set-off against WCT.
Can any one clear my doubt?
MAHINDER
(pract.)
(65 Points)
Replied 14 September 2009
| Originally posted by :M Srijesh Kumar | ||
| " | We are a registered contractor under Orrissa VAT composition scheme. We have charged 4% WCT on 70% of Invoice value and 10.3% service tax on 30% of Invoice value. I know, we can get full (100%) set-off against service tax but I have my doubt if I can get full (100%) set-off against WCT. Can any one clear my doubt? |
" |
Vijay D
(Finance Executive)
(227 Points)
Replied 14 September 2009
Hi Srijesh,
It seems that you are not follwing VAT composition scheme because as per my understanding in VAT composition scheme we have to pay VAT on 100% order vaue instead of 70%. Also note that in VAT composition scheme VAT credit is not available.
Better if you consult any expert & clear the picture.
Regards
Vijay D
manish garg
(Article)
(31 Points)
Replied 21 July 2011
hi srijesh
if you are not not adopting the composition scheme for the WCT in that case you can take 100 credit of WCT paid but if you are paying WCT as per composition scheme no credit is available. i hope ypu got my point.
Manish
CAclubindia
