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
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
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.
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