Assessable value for wct tds under madhya pradesh vat
This query is : Resolved
12 May 2016
Please tell me on what value is the WCT TDS done in the state of MP. Unlike in Maharashtra where WCT tds is done merely on value exclusive of VAT and Service tax, our consultants say that in MP wct tds is deducted on entire Invoice amount. However i feel that if wct is done on entire bill amt inclusive of VAT & ST, it will lead to double taxation.This is not in line with basic tax logic. Pl. tell me what is the assessable value for calculating WCT TDS in MP state.If possible also let me know the section so that i can study it and implement.
13 May 2016
WCT calculate on the assessable value. not on the inclusive tax amount.
you recd the bill form the contractor, in bill it scarges all taxes the you can deduction the tds form payment and deposit the same with authority.
you recd the bill form the contractor, in bill it scarges all taxes the you can deduction the tds form payment and deposit the same with authority.
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