https://www.taxtmi.com/article/detailed?id=1223 A composite VAT payment option for works contracts permits contractors who do not maintain accounts, or whose ordinary deduction claims are deemed unreasonably high, to pay tax on total consideration subject to prescribed percentage deductions by contract type. Where this composite rule applies the contractor is ineligible to claim input tax credit and may not issue a VAT invoice; the deduction schedule and prohibition govern taxable turnover for such contracts. en-us Sun, 27 Mar 2011 09:46:52 +0530 Sun, 27 Mar 2011 09:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1223 A composite VAT payment option for works contracts permits contractors who do not maintain accounts, or whose ordinary deduction claims are deemed unreasonably high, to pay tax on total consideration subject to prescribed percentage deductions by contract type. Where this composite rule applies the contractor is ineligible to claim input tax credit and may not issue a VAT invoice; the deduction schedule and prohibition govern taxable turnover for such contracts. Articles Value Added Tax - VAT and CST Sun, 27 Mar 2011 09:46:52 +0530 https://www.taxtmi.com/article/detailed?id=1223