Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
Page of 4823
Press 'Enter' after typing page number.
9341 to 9360 of 96456 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The SC dismissed the appeal, upholding the High Court's interpretation that, for purposes of tax computation under s.15(1) of the VAT Act, payments made by a main contractor to sub-contractors must be deducted from the total consideration for the works contract. Applying the accretion principle governing works contracts, the Court held the deemed sale in respect of materials executed by sub-contractors is effectively from the sub-contractor to the contractee, removing that portion from the main contractor's taxable turnover. The Court rejected characterization of such deduction as input tax credit, confirming it alters the charging base rather than constituting a credit mechanism.
The SC dismissed the appeal, upholding the High Court's interpretation that, for purposes of tax computation under s.15(1) of the VAT Act, payments made by a main contractor to sub-contractors must be deducted from the total consideration for the works contract. Applying the accretion principle governing works contracts, the Court held the deemed sale in respect of materials executed by sub-contractors is effectively from the sub-contractor to the contractee, removing that portion from the main contractor's taxable turnover. The Court rejected characterization of such deduction as input tax credit, confirming it alters the charging base rather than constituting a credit mechanism.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
