Valuation Deductions in Works Contracts Under VAT Act Can Use Actual Value or Prescribed Percentage for Labor and Services.

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....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....