No VAT Leviable on Value of Land Under Works Contract as per KVAT: Karnataka HC
The bench opined that the prescribed authority having verified all the documents, vouchers and the ledgers, accepted the total turnover. When value of land is not exigible to VAT, the authority took the turnover excluding the value of land
The Karnataka High Court ruled that the value of land under a works contract under Composition Scheme Kerala Value Added Tax (KVAT), 2005 is not subject to VAT. Read More: MS Dhoni Back as Captain: Is He Still Leading Off the Field as a Top Income Taxpayer? The Appellant/Assessee, Fortious Infradevelopers LLP, is a Limited…
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