iam a proprietor with vat registered supplying for govt and private
i got 2 orders worth 4.3 lakh and 7 lakh in govt in defence
how much tax i have to pay on these works WCT
shall i apply for consolidated form vat 250 to pay tax @ 5% on the total value
or shall i continue with vat
i do both the business wct and sales of goods means trading
pls suggest and i want to apply for import export license for expansion of my business
Asked 3 years ago in Income Tax from hyderabad, Telangana
At the time of registration you can mention both the activities. If you are already registered a trader you can make addition of works contract with the department in your license.
You need to maintain two different billing/invoice, seperate for WC and for trading.
For works contract you can straightaway pay 5% without taking input. and for trading ,from output tax collected deduct input vat and pay tax.
This is a question on VAT and not on Income Tax.
Excuse me we may not be able to offer our opinion on vat matters.