Please Help me regarding work Contract Tax under MP Vat Act , what is the rate of Percentage is applicable in under Section 11 A from april 2012,
in the Perivious Finicial Year we follow & Deduct as per Rule is below ; Flat dedution @2% from Every RA bill ,
If The Value of labour involved in the contract is more than fifty percent of the contract value and the contractor has not opted for composition under section 11-A @1%
If contractor has opted for composition under section 11-A – According to prescribed rate for composition provided by Department to contractor and evidenced by composition certificate:- Two rates are given under section 11-A as under:-
1. Tax Payable under section 11-A readwith rule 8-A @1 % if registered dealer supplied wholly goods specified in schedule II purchases form another such dealer within the state after payment to him of tax under section 9 and/or goods specified in schedule I, in the course of execution of works contract entered into by him. With certain condition and exceptions.
2. Otherwise = @5%
Tds deducted and deposited in a situation not covered in above para A, B.1 and B.2 i.e. Non composition dealer or the Value of labour involved in the contract is not more than fifty percent. = @2%
Please Confrim me if having changes for Rate & Rule for work Contract under MP VAT act, made by MP govt. through any Notifications for amandments for the FY 2012. & also Confrim if having changes for Rate for work Contract made by Central Govt throught Budget 2012 for MP Sate .