What is the VAT in Andhra Pradesh?
The ad which was issued by the Andhra Pradesh government was issued under the name of minister Buggana Rajendranth who further added that the state government was collecting an additional VAT of ₹4 and a cess of Re 1, apart from the 31% and 22.5% VAT, on a litre of petrol and diesel respectively.
What is WCT tax India?
On Sale of Goods, Vat is Applicable. On Sale of Services, Service Tax is Applicable. There are some services which are in nature of both goods and services, These are called Works Contract. Tax on Work Contract are called Work Contract Tax (WCT)
What is VAT composition scheme?
For small dealers, Composition scheme is introduced where Dealer pays VAT at lower rate as compared to normal rate. But he does not get any input. Hence, he does not need to maintain proper records to claim input. Person purchasing the goods do not get input of same.
What is work contract tax rate?
a) If you are a dealer executing works contract for State Government / Local authority, you may opt to pay tax @ 4% on the total value of such contract. In such cases tax @ 4% will be collected at source and will be remitted to the department.
What is Andhra Pradesh sales tax?
2 lakh and above to be liable to pay tax at the point of first sale in the State at the rate of 6 per cent.
Which country pays highest tax on petrol?
India
India has the highest taxes on fuel in the world.
How much is the work contract tax?
Service tax was paid @15% on either 40% (on new work) or 70% (on repair, maintenance work). Due to no abatement/ composition is provided, it has led to significant increase in tax burden, especially the works contract is taxed at standard GST rate (which is 18%) and even though subjected to lower tax rate (12%).
What is the turnover limit for composition scheme?
Rs 1.5 crore
A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.
What is the GST rate for composition scheme?
The current rates are as follows: For goods manufacturers and traders: 1% GST, divided as 0.5% CGST and 0.5% SGST. For restaurants not serving alcohol: 5% GST, divided as 2.5% CGST and 2.5% SGST. For service providers: 6% GST, divided as 3% CGST and 3% SGST.
Is ITC available for works contract?
ITC shall not be available for any work contract services. ITC for the construction of an immovable property cannot be availed, except where the input service is used for further work contract services.