Wct issue

This query is : Resolved

Alok mukherjee (Querist)
Follow

06 March 2012 hi
In a WCT contract, where both material & labour are identified,

1)Is the below billing correct?

Material 200000
Mvat @ 4% 8000

Labour services 100000
Service tax 10300

total 318300 Is this billing correct?

2) While releasing the payment on which amount WCT TDS is to be deducted? on 110300 or on 318300?

thanks.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

18 March 2012 Mr Rohit Pai,
Yes that billing is correct.WCT TDS is to be done on the whole bill value,unless the contractor takes permission from VAT authorities for a lower amount of TDS.
MJK

Alok mukherjee

Alok mukherjee (Querist)
Follow

19 March 2012 thanks MJK sir

Upgrade to CAclubindia Pro. Subscribe Now!