Our company is planning to start construction of new factory building on one of our vacant plot. ( Maharashtra )
Company is inviting the quotation from different contractors in this regard..
As account person I need the clarification on below mentioned points.
Point 1 ] What type of precautions our company should take in granting the Works Contract ?
Point 2] Do we need to apply for WC TIN under Sales Tax Act ? We already have VAT TIN for our normal course of trading.
Point 3] At what rate company should deduct the TDS AND also on what amount ?
Point 4] What about Service Tax ?
Point 5] Will the company eligible for set-off of WCT against trading sales tax libility ?
I will be very helpful if anyone could spare some time to elaborate on my query.
Many Thanks
Amit
CAclubindia
