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Whether wct be eligible as a sett-off/credit ??

VANDANA (MCOM II ICWAI INTER Working as an ACCOUNTANT BCOM 1ST CLASS) (491 Points)

26 December 2012

Can we claim WCT Amount as a sett-off / Credit while calculating Our SALES TAX LIABILITY ????

Pl help us !!!! 1 of our client deducted WCT @ 2% Which is correct !!! now question is whether, Can we take the sett-off of this against payment of sales tax liability ?????????

PLEASE REPLY !!!!

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3 Replies

Sonu Kumar (Account Manager) (665 Points)
Replied 26 December 2012

Yes... if any of Your Client Deducting Wct they will Issue C-II Certificate on Quarterly Basis and You can Claim it as a Input Credit.... it is Just Like TDS on Income.

Wct Rate is 4% in Bihar

Thanks

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VANDANA (MCOM II ICWAI INTER Working as an ACCOUNTANT BCOM 1ST CLASS) (491 Points)
Replied 26 December 2012

Originally posted by : Sonu Kumar
	Yes... if any of Your Client Deducting Wct they will Issue C-II Certificate on Quarterly Basis and You can Claim it as a Input Credit.... it is Just Like TDS on Income. Wct Rate is 4% in Bihar Thanks

Thanks for the reply !!!!!!!

Yes our client has deducted WCT @ 2% In Maharashtra. Do You have any notification /Circular / Rule copy please.................. i'll need to send it to our Auditor !!! Please do help if you can provide !!!!!!!!!!!!!!!!!!! pl..