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A contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property.
Where the works contract is in the nature of a taxable SERVICE, service tax will be liable on the value of such contract.
Where goods are transferred and form integral part of the execution of such contract, VAT would be liable on such value of contract.
However composite scheme is available for payment of taxes on works contract since they contain elements of both service tax and VAT. Composite tax of 4% can be paid to do away with the ST and VAT liabilities where no CENVAT credit will be allowed to be claimed.
What else can I help you with?
What is difference between Statement of works and a contract statement of work?
The differences between a Statement of Work and a Contract statement of work. The Ã?Statement of WorkÃ? covers all requirements, the performance and the design requirements for a particular project. It also defines what the responsibilities, work agreements and liabilities that are established between the clients and the service provider. A Ã?Contract Statement of WorkÃ? is a description of services, products or the end result as described in a contract.
Is forward exchange contract considered to be a liability?
A forward exchange contract is not typically considered a liability on its own; rather, it is a financial instrument used to hedge against currency risk. However, it may result in a liability if the contract has a negative fair value at the reporting date, meaning the company would incur a loss if it settled the contract at that moment. In such cases, the negative fair value is recognized as a liability on the balance sheet. Overall, whether it is classified as a liability depends on the specific circumstances and the valuation of the contract.
What is Cost plus variable fee?
It is a type of contract, mostly for construction, whereas the fee over cost payable to the contractor varies depending, most usually, on the trade i.e. item of the works.
Is it contract's duration or contracts's duration?
contract's duration
What are characteristics of a simple contract?
list the characteristics of a simple contract
How to calculate vat liability on works contract?
How to calculate vat on works contract
How we can use the word contract as a verb?
Contract meaning become shorter: The heart contracts and blood is expelled into the veins. Contract meaning a legal agreement to do something: We will contract you to deliver the pamphlets Contract meaning to become ill from some disease; He contracted AIDS from a blood transfusion
Does the undertaker have a contract with vince?
Anyone who works for WWE or for the development territory have a contract
What do you do as a contract specialist?
Basically, a contract specialist works on larger, more complicated contracts.
How do you calculate vat liability under works contract under delhi vat?
how to calculate vat liability under works contract under delhi vat
What is Michael Jordan father works?
contract killer
Can you put your contract sim in another phone and carry on with the same contract until the contract expires?
YES; as long as the SIM works in that phone.
What is meaning of AMC?
Anual Maintanance Contract
What is meant by the term employee portal?
An employee portal is a worker who works under a contract. This contract can be verbal contract or a written contract. Most employees are contracted in and out of different jobs.
Can you explain how a forward contract works in financial markets?
A forward contract is an agreement between two parties to buy or sell an asset at a future date for a set price. This allows them to lock in a price now, reducing the risk of price fluctuations. The contract is binding, meaning both parties must fulfill their obligations on the agreed-upon date.
What is the meaning of untended?
he or she doesnt have load or any contract
What is meaning of initial contract price of civil engineering project?
The Initial Contract Price is the Contract Price listed in the Procuring Entity's Letter of Acceptance.
