15 December 2009
Dear Friends, I want to know the rate of WCT prevailing for the year 2009 under MVAT Act. Please suggest a good author for Sales Tax Book also.
16 December 2009
I assume that you are concern to WCT means TDS under MVAT. if it is so than it is as under:
If you have awarded a contract to contractor who is regd. under MVAT that you should deduct @ 2% on Basic Value(Excluding Tax components) and if contractor is un regd. than deduct @4% on basic value No deed to deduct WCT(TDS)if contract is not more than 5 lacs.
CAclubindia
