https://www.taxtmi.com/article/detailed?id=6231 Valuation for VAT in developer activity is governed by works contract principles: taxable event is transfer of property in goods when goods are incorporated, and taxable turnover equals the value of goods at incorporation. Proper books determine turnover; absent credible books, a legislatively prescribed deductive method is permissible only if it specifies allowable deductions and includes a residuary clause to exclude non goods expenditures. Materials already taxed when incorporated by subcontractors must be excluded. Rule provisions were read down and required to be amended to reflect these limits. en-us Thu, 23 Apr 2015 20:17:53 +0530 Thu, 23 Apr 2015 20:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6231 Valuation for VAT in developer activity is governed by works contract principles: taxable event is transfer of property in goods when goods are incorporated, and taxable turnover equals the value of goods at incorporation. Proper books determine turnover; absent credible books, a legislatively prescribed deductive method is permissible only if it specifies allowable deductions and includes a residuary clause to exclude non goods expenditures. Materials already taxed when incorporated by subcontractors must be excluded. Rule provisions were read down and required to be amended to reflect these limits. Articles Value Added Tax - VAT and CST Thu, 23 Apr 2015 20:17:53 +0530 https://www.taxtmi.com/article/detailed?id=6231