Wct

This query is : Resolved

Jay (Querist)
Follow

03 September 2013 I am an architect/ interior designer practicing in Pune. I do interior plus civil turnkey contracts. For a contract value of say 1 lakh, how much shud i charge as work contract tax to my client and how much shud be the service tax. I have yet not got a right reply as different tax consultants are quoting different formulas. I have taken both s tax and wct reg. Nos.
regards

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

03 September 2013 For the works contract of interior design and civil works both VAT and ST are attracted. VT is payable on material content of the works executed calculated at respective rates and quantities of the goods consumed. ST is payable on the labour charges and the establishment expenses. For arriving at the taxable amount you have to add the gross profit to the actuals.Some times 40%and 30% of the total recipts are taken as taxable for civil and other type of WCT while calculating ST.Gross receipts are taken for caculating VAT or ST under composition rates.5% for VAT and 4.12% for ST under composition schemes.For apartments there is also 1% VAT on the total amouts received.You should choose the scheme under which you want to pay VAT or ST..mjk

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ATUL MAKWANA

seshachary

Rameshkumar Jain

suresh kotte

Mitesh

Subscribe Now

Wct

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Article Assistant

Manager- Finance and Compliance

GST CONSULTANCY

CA Final