https://www.taxtmi.com/news?id=11745 Amendment to Rule 3(2) increases prescribed labour, services and similar percentages for certain works contract activities where such charges are not ascertainable or supported, so that applying the higher percentages reduces the taxable works contract turnover and thereby lowers the effective VAT burden when the percentage basis is relied on; specified activities affected include book-binding, textile processing (materials supplied by contractee), electroplating and tyre re-treading, and the notice supplies the formula linking the prescribed works contract rate to the effective DVAT rate under the percentage method. en-us Mon, 23 Sep 2013 09:51:37 +0530 Mon, 23 Sep 2013 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11745 Amendment to Rule 3(2) increases prescribed labour, services and similar percentages for certain works contract activities where such charges are not ascertainable or supported, so that applying the higher percentages reduces the taxable works contract turnover and thereby lowers the effective VAT burden when the percentage basis is relied on; specified activities affected include book-binding, textile processing (materials supplied by contractee), electroplating and tyre re-treading, and the notice supplies the formula linking the prescribed works contract rate to the effective DVAT rate under the percentage method. News - Mon, 23 Sep 2013 09:51:37 +0530 https://www.taxtmi.com/news?id=11745