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[Cites 0, Cited by 0] [Section 10(2)] [Section 10] [Entire Act]

State of Kerala - Subsection

Section 10(2)(a) in Kerala Value Added Tax Rules, 2005

(a)In relation to a works contract in which transfer of property takes place not in the form of goods but in some other form, the taxable turnover in respect of the transfer of property involved in the execution of works contract shall be arrived at after deducting the following amount from the total amount received or receivable by the dealer for the execution of the works contract such as;
(i)labour charges for the execution of work,
(ii)charges for planning and designing and the architect's fee;
(iii)charges for obtaining on hire or otherwise, machinery and tools used for the execution of the works contract, or where the machinery is owned by the contractor, the interest paid on any loan taken for the purchase of the machinery;
(iv)cost of consumables used;
(v)cost of establishment and overhead charges of the dealer to the extent it is relatable to the supply of labour and service;
(vi)profit earned by the dealer to the extent it is relatable to supply of labour and services: