WORKS CONTRACT TAX

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2010 Sir,
Kindly inform if WCT is to be allocated over a contract term, or should it be recorded at one point, after contractor raises invoice.
If spread over the contract period, what is the basis.

Yours sincerely,
Amit

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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27 February 2010 wct is to be charged on stage of completion/work certified basis. when you raise a bill you have to charge wct on the works completed not only on the final bill. if you are registered under composition scheme, then you can't charge wct on bill.