HI EVERYONE
I have a question- whether WCT on job work in case of Printing & Stationery is deductible on BASIC+VAT or only Basic Amount?
Thanks
4 Replies
Rahul Being RG
(CA FINAL)
(283 Points)
Replied 24 February 2017
Thanks can you give me a Source of Information??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 24 February 2017
An example of WCT refer: /forum/vat-and-wct-249828.asp
(Guest)
the question of WCT arises only in the cases of contractors.Whenever in a contract both labour as well as material component is included in the invoice and the contract between the contractor and contracte does'nt bifurcate the amount of material and labour so it is not possible to assign the separate value for VAT and service Tax. therefore WCT is charged to the full value.
Therefore the following conditions are pre-requisite of charging WCT.
(1) Contract Work
(2) Contractor transfer some material along with his services
(3) Contract between the parties does'nt bifurcate the services and material amount
hence it can be said that WCT is a subsitution of VAT and Service Tax.
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