https://www.taxtmi.com/article/detailed?id=5309 Two alternative VAT regimes apply to works contracts: the Composition Method, where tax is paid on total contract value with no input tax credit and a binding annual election, and the Non-Composition Method, where tax is levied on Taxable Turnover after excluding exempted inputs and services, allowing input tax credit subject to restrictions and apportionment across rate categories when inputs span multiple tax rates. en-us Mon, 07 Oct 2013 12:39:34 +0530 Tue, 08 Oct 2013 05:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5309 Two alternative VAT regimes apply to works contracts: the Composition Method, where tax is paid on total contract value with no input tax credit and a binding annual election, and the Non-Composition Method, where tax is levied on Taxable Turnover after excluding exempted inputs and services, allowing input tax credit subject to restrictions and apportionment across rate categories when inputs span multiple tax rates. Articles Value Added Tax - VAT and CST Mon, 07 Oct 2013 12:39:34 +0530 https://www.taxtmi.com/article/detailed?id=5309