Levy of tax on works contracts determines VAT payable under transition rules between repealed works contract regime and DVAT. Form DVAT 54 requires dealers with partly executed works contracts as on 31 March 2005 to report contract values, exclude inter state/out of state/import/export transactions and labour/service components, compute tax under the repealed Works Contract Rules with specified deductions and categorized rates, calculate composition tax after subtracting subcontract turnover, and transition to the DVAT regime by comparing aggregate tax due with VAT output less input tax credit per DVAT 16, with the lesser amount payable and contract level disclosure plus a verification declaration.
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Provisions expressly mentioned in the judgment/order text.
Levy of tax on works contracts determines VAT payable under transition rules between repealed works contract regime and DVAT.
Form DVAT 54 requires dealers with partly executed works contracts as on 31 March 2005 to report contract values, exclude inter state/out of state/import/export transactions and labour/service components, compute tax under the repealed Works Contract Rules with specified deductions and categorized rates, calculate composition tax after subtracting subcontract turnover, and transition to the DVAT regime by comparing aggregate tax due with VAT output less input tax credit per DVAT 16, with the lesser amount payable and contract level disclosure plus a verification declaration.
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