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
Sowmya.S.Balan (Paid Assistant) (749 Points)
09 February 2011I 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
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