Deductions from works contracts while payment of tax in lump sum scheme under Punjab VAT Act 2005

0 comments Sunday, March 20, 2011
The deductions which are allowable while opting to pay VAT on taxable turnover involved in works contracts in  lump sum scheme under Punjab VAT Act 2005 have been prescribed by adding a sub rule 6 to rule 15 of PVAT Rules.

There was no lumpsum scheme for payment of VAT on taxable turnover involved in works contracts under PVAT Act 2005 untill sub section 2-A to section 8 was added by an ordinance dated 21-10-2010. Section 8(2-A) runs as under:

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