1 party has charged VAT @ 4% under work contract act on 40% of the Assessable Value.
Further service tax @ 10.3% has been charged on the 100% Assessable Value. Is this can be possible??
WCT and Service Tax on EPC Contract
Page no : 2
vasanti
(Accountant)
(24 Points)
Replied 17 February 2010
how to Calculate 8%VAT Set off in work contract?
If in case we purchase input vat @ 4% and input vat @ 12.5% & we charge to our customer 8%output vat .....how to get set off.......we get 100%set off in this case?
Sibapada Mukherjee
(Accounts Executive)
(24 Points)
Replied 03 February 2011
Dear Sir
First you clear me the defination of EPC . and also clear me if any principal hand over any to a contractor, the job which containts design & engineering , supply of all plat , machinery & equipment for site including commissioning spares for the work including performence test of all materials. how the contractor maintain the book for calculation of wct and service tax .
Kindly give me some expert advice in the view of WCT and Service Tax
Regards
Sibapada Mukherjee
e-mail- sibo_999 @ yahoo.com.in
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