https://www.taxtmi.com/article/detailed?id=6891 The Odisha VAT Act treats a works contract as a deemed sale of goods incorporated during execution; VAT applies to the value attributable to transfer of goods when incorporated, with statutory deductions for identifiable labour and service components and prescribed presumptive percentage slabs where such components are not verifiable. An optional composition scheme is available to works contractors and developers, subject to forfeiture of input credit, specified compliance, and conditions governing interstate procurement and TDS interactions. en-us Fri, 08 Jul 2016 12:15:58 +0530 Fri, 08 Jul 2016 12:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6891 The Odisha VAT Act treats a works contract as a deemed sale of goods incorporated during execution; VAT applies to the value attributable to transfer of goods when incorporated, with statutory deductions for identifiable labour and service components and prescribed presumptive percentage slabs where such components are not verifiable. An optional composition scheme is available to works contractors and developers, subject to forfeiture of input credit, specified compliance, and conditions governing interstate procurement and TDS interactions. Articles Goods and Services Tax - GST Fri, 08 Jul 2016 12:15:58 +0530 https://www.taxtmi.com/article/detailed?id=6891