Wct

This query is : Resolved

Lovely (Querist)
Follow

15 May 2012 Hi
pls explain me about WCT & its Rate with payable liability?
Where its applicable?
and is rates of WCT differ from every state?

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

15 May 2012 Ms Lovely,
When some work is executed by using material and labour it is WCT.Out of that material consumed is taxable at the rates applicable in each state.
MJK

Message likes : 1 times

Lovely

Lovely (Querist)
Follow

17 May 2012 Thanks Mr.Krishnamurthy
Could you explain the rate of WCT for various states where its applicable??

Upgrade to CAclubindia Pro. Subscribe Now!

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

17 May 2012 Ms Lovely,
Perhaps,only in Karnataka,there is a common rate on the property transferred in WCT @ 14%. In all other states you have to calculate the value of the property transferred in various goods by adding GP to their purchase price.Then pay VAT at the appropriate rates applicable to each of them.
MJK