Valuation Deductions in Works Contracts Under VAT Act Can Use Actual Value or Prescribed Percentage for Labor and Services. https://www.taxtmi.com/highlights?id=31375 Works contract - valuation - the deduction under the VAT act would be either on the actual value of labour, services and other like charges; or it would be at the prescribed percentage, in such cases where the charges towards labour, services etc. are not ascertainable from the terms and conditions of the contract - HC en-us Fri, 23 Sep 2016 13:24:36 +0530 Fri, 23 Sep 2016 13:24:36 +0530 TaxTMI RSS Generator Valuation Deductions in Works Contracts Under VAT Act Can Use Actual Value or Prescribed Percentage for Labor and Services. https://www.taxtmi.com/highlights?id=31375 Works contract - valuation - the deduction under the VAT act would be either on the actual value of labour, services and other like charges; or it would be at the prescribed percentage, in such cases where the charges towards labour, services etc. are not ascertainable from the terms and conditions of the contract - HC Highlights VAT and Sales Tax Fri, 23 Sep 2016 13:24:36 +0530 https://www.taxtmi.com/highlights?id=31375