MKKHANDELWAL Started The Discussion:
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.
= @1%

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 .

5th April 2012 From India , Dewas


If you have any insight on this, or if you are looking for information on the same topic, please engage with this member to help add value to this discussion.
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.

About Us - Advertise - Contact Us - RSS   On Google+  
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network