Dear All can anybody send me a sample of Accounting manual & Procurement policy plz help me
From India , Mumbai
From India , Mumbai

Attached Files
File Type: pdf accountants formulae_book.pdf (415.4 KB, 2370 views)

Dear all
I need sample of procurement policy & a Manual for accounting i am going to prepare policy & Manual for my organization i need sample to have an idea how to prepare good manual and which aspect need more attention
thank yoou

From India , Mumbai
Dear all
I need sample of procurement policy & a Manual for accounting i am going to prepare policy & Manual for my organization i need sample to have an idea how to prepare good manual...
plese send my id in hindi formate...
thank you
Mohd. Yameen

From India , Kashipur
Dear Sir,

Kindly examine the following case and advise us:


We had constructed a private railway siding for a client in Madhya Pradesh where the contract was on EPC basis and Schedule of Rates was inclusive of MP VAT. We had opted for composite scheme for this project. The Client recovered VAT and deposited the recovered amount with Tax Authorities and issued appropriate TDS for it.

The Agreement was excluding the element of Service Tax and the Client had to pay us the amount of Service Tax.

The Client did pay us the amount of Service Tax but recovered VAT on the gross amount and deposited the recovered amount with Tax Authorities. This can be illustrated as follows:

Value of Work done and Billed by us on the Client Rs 1000

Add: Amount added by the Client by way of Service Tax @ 10.3% 103

Gross Amount of the Bill passed by the Client 1103

Less: Recovery of Income Tax by Client 22

Recovery of VAT on Composite Rate 5% by Client 55

Total recovery effected by Client 77

Net amount released by Client 1026

Our Stand

It is understood that under the Service Tax Valuation Rules and Works Contract (Composition Scheme for Payment of Service Tax) Rules, VAT/Sales Tax is not to be included in value for purpose of Service Tax. Thus Service Tax is payable on value of work done only i.e. on net amount excluding VAT/Sales Tax from Gross value of the bill inn the transaction. As per this analogy, the above illustration should be calculated as under:

Value of Work done for which rates are inclusive of VAT/Sales Tax Rs 1000

Less: Element of MP VAT on Composite rate basis @ 5% on gross

Value of bill i.e. 1000x5/105 48

Net Value of bill or Actual value of work done 952

Add: Amount of Service Tax to be paid on value of work done @ 10.3% 98

Less: Amount of Income Tax recovered by the Client 22

Amount to be received by us from Client 1028

Thus, it can be seen that the Client is depositing Rs 7 per thousand extra towards Vat and Rs 5 per thousand towards Service Tax with the authorities and in turn we are loosing hard earned revenue.

Assistance Required:

Kindly examine the above instance and advise whether our stand is correct and what corrective measure should be taken to rectify the problem.

Thanking You

Yours Sincerely,



From India , Bhopal
Dear all,
Pls can anyone help me in financial guidelines for organizations porpouses. I have to set internal procedures for taking money, payments, .... I am busy in financial general guidelines...

From Mozambique , Maputo

If you are knowledgeable about any other fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 Cite.Co™

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server