deduction of WCT
This query is : Resolved
25 November 2010
I want to clarify that, a contract which includes material as well as labour attracts WCT deduction right,but in a composition scheme its rate is 2% and whole contract value to be considered while deducting WCT.
In this contract RMC to be provided by the company for which some rate is to recovered from the contractor, now the quest. is whether contract value on which wct to be deducted will include this RMC amount also or exlusive of amount for which RMC is provided by the company itself.
I want to clarify that, a contract which includes material as well as labour attracts WCT deduction right,but in a composition scheme its rate is 2% and whole contract value to be considered while deducting WCT.
In this contract RMC to be provided by the company for which some rate is to recovered from the contractor, now the quest. is whether contract value on which wct to be deducted will include this RMC amount also or exlusive of amount for which RMC is provided by the company itself.
CMA Ramesh Krishnan
(Expert)
25 November 2010
Material issued and same is recovered from the contractor also will included as contract value.hence WCT apply
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