wct
This query is : Resolved
07 February 2010
can any body tell me wat is work contract tax?
is laiblity of wtc is on us to deduct and deposit same to department, by issuing form-501? is it correct or anything else
is laiblity of wtc is on us to deduct and deposit same to department, by issuing form-501? is it correct or anything else
08 February 2010
There is no legal term called WCT. It is actually Sales tax/ VAT payable on transfer of property involved in the execution of a works contract, commonly known as WCT.
Like any other transaction of sale, this is also charged by the seller i.e. the contractor from its customers (except in few cases in some States). As contractors are generally not so organised, the Government in order to protect its revenue, provides for deduction of tax at source by the contract, similar and in addition to the tax deducted under the Income Tax Act.
Like any other transaction of sale, this is also charged by the seller i.e. the contractor from its customers (except in few cases in some States). As contractors are generally not so organised, the Government in order to protect its revenue, provides for deduction of tax at source by the contract, similar and in addition to the tax deducted under the Income Tax Act.
09 February 2010
thank you kamal, but i came across some tax invoice of jobwork where WTC was charged..... ; do you have any idea about form 501
09 February 2010
As I have mentioned, the contractor is liable to charge tax on invoice and quite often, people term is as WCT in place of VAT.
A contractor can also pay tax under a composition scheme. In the composition scheme, tax is charged on the total value of the contract but at a lower rate. I have seen people terming as WCT.
Regarding form 501, can you please let me know the State you are referring to
A contractor can also pay tax under a composition scheme. In the composition scheme, tax is charged on the total value of the contract but at a lower rate. I have seen people terming as WCT.
Regarding form 501, can you please let me know the State you are referring to
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
