PLEASE LET ME KNOW MAHARASHTRA VAT IS TO BE CHARGED ON THE GROSS VALUE OF THE CONTRACT INCLUDING SERVICE TAX OR EXCLUDING SERVICE TAX. vAT IS BEING CHARGED UNDER COMPOSITION SCHEME I.E THE FULL VALUE. sOME SERVICE PROVIDERS ARE CHARGING VAT ON THE VALUE EXCLUDINGTHE SERVICE TAX. PLEASE CLARIFY.
1 Replies
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 09 November 2014
Your query is in relation to section 42(3) of MVAT Act, 2002.
VAT @ 8% is to be levied after deducting from the gross value, the amount payable towards sub contracting. It is to be levied excluding service tax.
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