https://www.taxtmi.com/article/detailed?id=1566 Depreciation on machinery and tools used in executing a works contract should be allowed as a deduction from the contract value for VAT, because proportionate wear and tear on contractor-owned equipment is economically equivalent to hire charges and falls within labour-related deductions used to compute the deemed sale value of materials; judicial authority supports allowance where machinery is exclusively used for contract performance. en-us Wed, 11 Jan 2012 09:10:13 +0530 Wed, 11 Jan 2012 09:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1566 Depreciation on machinery and tools used in executing a works contract should be allowed as a deduction from the contract value for VAT, because proportionate wear and tear on contractor-owned equipment is economically equivalent to hire charges and falls within labour-related deductions used to compute the deemed sale value of materials; judicial authority supports allowance where machinery is exclusively used for contract performance. Articles Value Added Tax - VAT and CST Wed, 11 Jan 2012 09:10:13 +0530 https://www.taxtmi.com/article/detailed?id=1566