A contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property is known as Works Contract.
Where the work contract is in nature of taxable service, Service Tax is applicable and where it involves sale of goods, sales tax like VAT is applicable. A Composite tax is also applicable where such determination or demarcation is not possible or feasible because of availability of elements for both VAT and Service Tax.
Udyog Software provides suitable products & solutions to address Works Contracts requirements accurately.
Features in Works Contract
- Solution for all 3 types of transactions; Actual Labour Deduction, Standard Labour Deduction and Composite Tax
- Provision for setoff for Input VAT incurred by contractors
- Actual Labour deductions with BOM details and Raw Materials details
- Actual Labour deductions with Service Tax
- Standard Labour deduction based on Standard Labour tables to obtain material VAT
- Standard Labour deduction with multiple sales tax
- Standard Labour deduction calculation of Service Tax.
- Provision for Composite Tax handling and calculation
- One-stop destination for all Indian Taxation Solutions
- Renowned Taxation Consultants on Panel
- Successful integration case studies with ERPs from SAP, QAD, Infor, JD Edwards , Oracle, Sage, Ramco Systems, SUN & other customized ERP’s
- In-house taxation experts to help us stay attuned to the dynamic & Complex Indian Statutory norms
- Service Network across India vide Udyog branches and partners
- User training provided by Udyog
- Knowledge partners available for training and educational requirements like IIJT, NIFA, Emacs, IIFCA
Across India, our 40+ channel partners provide localised support & service. With Udyog, you always have greater flexibility for growth. Our singular focus on client satisfaction helps us achieve service commitment standards.
Our Support team combines knowledge in all the latest tax changes. Our proactive approach enables us to deliver higher client satisfaction. We listen, understand, and work very closely with you to suit your business needs. We have dedicated infrastructure and team to provide world class support services for you.