DEAR SENIORS
an contractors,While prepareing contract invoice VAT is considered only 75% of the goods why? for eg: goods of VAT 12.5% & 5% used on contract, BUT while raising invoice only 75% of 12.5 & 5% ie;9.37 & 3.67% is considered and also service tax of 4% is levied .................WHY ??? Why they are not raising contract invoice of full 12.5 / 5% VAT on item Used on contract...... kindly explain me???
The invoice must be including labour cost also. So it is assumed that 25% is towards labour & 75% is materials, so VAT of only 75% of the total VAT rate is considered.
hello
i want to know vat rate for thandai under Punjab VAT Act
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