https://www.taxtmi.com/article/detailed?id=1605 Works contracts are taxed on the transfer of property in goods within execution; where contracts are divisible, the material portion is subject to VAT and the service portion to service tax. Valuation follows either book bifurcation-excluding separately recorded labour, services and specified charges-or, absent bifurcation, exclusions calculated by rule specified percentages. Turnover arises when consideration for the goods transfer is received or receivable, making running bills and advances taxable. Contractees and contractors have TDS/WCT deduction duties with prescribed timing, rates, exemptions and procedural requirements. en-us Wed, 22 Feb 2012 20:57:30 +0530 Wed, 22 Feb 2012 20:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1605 Works contracts are taxed on the transfer of property in goods within execution; where contracts are divisible, the material portion is subject to VAT and the service portion to service tax. Valuation follows either book bifurcation-excluding separately recorded labour, services and specified charges-or, absent bifurcation, exclusions calculated by rule specified percentages. Turnover arises when consideration for the goods transfer is received or receivable, making running bills and advances taxable. Contractees and contractors have TDS/WCT deduction duties with prescribed timing, rates, exemptions and procedural requirements. Articles Value Added Tax - VAT and CST Wed, 22 Feb 2012 20:57:30 +0530 https://www.taxtmi.com/article/detailed?id=1605