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VAT URGENT ---------- WORKS CONTRACT TAX RATE UNDER DVAT - URGENT

Adv. S Sharma (Lawyer) (574 Points)

14 November 2007

HI ALL

PLZ TELL ME WORKS CONTRACT TAX RATE UNDER COMPOsite SCHEME UNDER DVAT

THX

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16 Replies

(Guest)

hi guys plz ans the question, its urgent thx

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karpagavinayagam (Accountant) (120 Points)
Replied 15 November 2007

Plz tell me accounting treatment in VAT regarding deprecation of capital asset .wither VAT is adjusted regarding deprecation

Adv. S Sharma (Lawyer) (574 Points)
Replied 19 November 2007

hi guys plz ans the question

(Guest)

my dear can u clarify the meaning of dvat.if its denotes for delhi . if yes than confirm it than I will reply the same regards sunil

Adv. S Sharma (Lawyer) (574 Points)
Replied 21 November 2007

hello Sunil Sir yes sir DVAT means Delhi Value Added Tax Act.

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Vijay K. Agrawal (Service) (608 Points)
Replied 21 November 2007

Depreciation is applicable on total value less vat. you can not claim dep on vat amount

(Guest)

hi this is for Vijay K. Aggarwal sir what u read and what urs ans is ?

CA. O.P. Agarwalla (C.A.) (2916 Points)
Replied 22 November 2007

Regarding Depreciation (In terms of Assam VAT):- Depreciation is no where related with VAT.... as regards WDV is concerned- VAT will not be a part of Cost or WDV if ITC is available on the same. So, accounting of depreciation will be the same whether VAT or no VAT. I think, it is clear now. I dont think that u want to nkow the normal accounting treatment of depreciation.

Chandra prakash mittal (Accountant) (28 Points)
Replied 26 November 2007

i want vat rate on goods in rajasthan

(Guest)

in composition scheme the rate is 3 % on gross

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Vinod Sharma (Service) (22 Points)
Replied 10 October 2008

Dear Sir

Can you tell me the rate of Goa Works Contract Tax / Composite Tax rate for repair of Jackup Barge

Thanks

Vinod

MUKESH (Dy Manager - Indirect Taxation) (35 Points)
Replied 08 January 2010

ANY SPECIFIED SITES WHICH CAN PROVIDE CLEAR UNDERSTANDING ON WCT STATEWISE

RANJIT KUMAR TRIPATHY (COMPANY SECRATERIES) (24 Points)
Replied 18 February 2010

Hi Friends

Can any one no what is Tax rate applicable in works contract in DVAT

subramanya (Professional) (907 Points)
Replied 18 February 2010

Originally posted by : RANJIT KUMAR TRIPATHY
	Hi Friends Can any one no what is Tax rate applicable in works contract in DVAT

Its 5% and 12.5%

Also depending on the type of Contract, Labour & Service charges can be deducted before charging vat.

For example, if my contract sale value is 1,00,000 (of Interior Decoration)

If I am unable to bifurcate the Item Value and Labour charges, In Delhi VAT Rules under Chapter II, department has given a chart to calculate VAT.

As per the Chart for interior decorations, 20% of the sale value can be considered as Labour and Service charges. On 80% of the sale value we have to charge VAT.

Interior Decoration Contract Value 1,00,000

as per the chart 20% can be deducted as Labour, Service charges i.e, Rs. 20,000

Taxable amount will be Rs. 1,00,000 - Rs. 20,000 = 80,000

VAT @ 12.5% (for example) on Rs. 80,000 will be Rs.10,000/- (Rs.80,000 X 12.5%)

If I am wrong please correct me....

Subramanya