I start a new works of works contract of interior desiging, but i dont have aware of the rates of taxes as per vat act. i want the rate of tax of works contract tax of interior designing
1 Replies
Lakshaman Patole
(Manager)
(21 Points)
Replied 10 February 2011
There are various rates in works contracts
1) composition scheme @ 8%
Set off avilable 64 % of tax paid on such purchase
2) composition scheme @ 5% only for constructions
Set off allowable after reduction 4 % on such purchses
3) @ 5% or 12.5% Goods used whatever
Set off allowable full
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