Central Government appoints multiple Registrars of Companies with territorial jurisdictions under Section 396, Companies Act, 2013, effective 1 Januar...
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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.
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