Tax Payable in works contracts under Punjab VAT Act 2005

0 comments Friday, February 4, 2011
Here in this article the tax payable in case of works contracts is concentrated on in view of the addition of new provisions in this regards u/s 8 of the PVAT Act 2005.
Section 8 of PVAT Act 2005 which deals with the rates of tax has been amended w.ef. 21/10/2010 to provide for sub section 2-A explaining the tax payable in works contracts which runs as under:

“(2-A)     Every person executing works contracts shall pay tax on the value of goods at the time of incorporation of such goods in the works executed at the rates applicable to the goods under this Act:
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