Wct
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2012
WHAT IS THE CONCEPT OF WCT ? HOW IT IS TO BE COMPUTED ? HOW IS IT RELATED TO VAT & SERVICE TAX ?
16 August 2012
After 42nd Amendment in the Indian constitution, Works Contract was included for taxation purpose both by Central and State. Since works contract is a composite of both material and labour, the states have been given power to collect tax as material is involved as goods. Later, the Central Government also brought this under service tax levy. But they cannot touch value of goods involved in the works contract therefore they levy only on labour charges. This is the concept.
Vat is computed either on composition scheme or segregation value, as per the STATE VAT Act.
Service tax is computed on the turnover after deducting the actual material cost, as shown in the VAT return, or 40% of the total amount charged.
Vat is computed either on composition scheme or segregation value, as per the STATE VAT Act.
Service tax is computed on the turnover after deducting the actual material cost, as shown in the VAT return, or 40% of the total amount charged.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
