presentation of WCT on Billing done by contractor
This query is : Resolved
01 November 2007
Hi all,
How Works Contract Tax will appear in the bill of Works Contractor with respect to different provision of VAT Act and also subject to different practical situation?
Plz clear the concept with example, if possible.
How Works Contract Tax will appear in the bill of Works Contractor with respect to different provision of VAT Act and also subject to different practical situation?
Plz clear the concept with example, if possible.
02 November 2007
WCT tax is a tax which is to not mentioned on the bill, it is a tax that is to be deducted and paid by the payer where the payment t othe contractor exceeds 5 laksh in a FY net of taxes.
It is 4% in case of URD ( Unregistered Dealer)and 2% in case of RD ( Registered Dealer
It is 4% in case of URD ( Unregistered Dealer)and 2% in case of RD ( Registered Dealer
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