https://www.taxtmi.com/article/detailed?id=1345 Works contract encompasses transfer of movable goods incidental to construction and related activities; contractors and contractees are defined, and subcontractors act as agents where goods pass directly to contractees. The statute creates two registration regimes: registered dealers (eligible for input tax credit and liable at goods' tax rates) and lump sum dealers (excluded from input credit, taxed presumptively). Contractees must withhold tax at source on payments; specific return, payment, declaration form, invoice and assessment procedures differ by registration type. en-us Tue, 05 Jul 2011 08:41:18 +0530 Tue, 05 Jul 2011 08:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1345 Works contract encompasses transfer of movable goods incidental to construction and related activities; contractors and contractees are defined, and subcontractors act as agents where goods pass directly to contractees. The statute creates two registration regimes: registered dealers (eligible for input tax credit and liable at goods' tax rates) and lump sum dealers (excluded from input credit, taxed presumptively). Contractees must withhold tax at source on payments; specific return, payment, declaration form, invoice and assessment procedures differ by registration type. Articles Value Added Tax - VAT and CST Tue, 05 Jul 2011 08:41:18 +0530 https://www.taxtmi.com/article/detailed?id=1345