WCT
This query is : Resolved
31 May 2010
Dear Friends
Pls tell me on which amount WCT is deducted.
Installation & Commissioning RS. 50,00,000
Service tax 1,71,666
---------
51,71,666
----------
Pls tell me on which amount WCT is deducted.
Pls tell me on which amount WCT is deducted.
Installation & Commissioning RS. 50,00,000
Service tax 1,71,666
---------
51,71,666
----------
Pls tell me on which amount WCT is deducted.
Guest
Guest
(Expert)
31 May 2010
it will b calculated on Installation & commissioning i.e on 50,00,000.
As no stete clearly narrated the methology of determination
of taxable turnover but with the help of various legal
pronouncements Determination of taxable turnover under WCT
becomes easy.
WCT is calculated only on the material involved in the
contract.
Without going into deep in the matter following dedctions
are as follws:
1. Labour charges, Services charges
2. Machine hire charges being utilised in execution of WCT
3. Consumables Cost
4. Amount paid to sub-contactors
5. labour establishments charges with profit elements in
labour and service element
Basically Taxable value
As no stete clearly narrated the methology of determination
of taxable turnover but with the help of various legal
pronouncements Determination of taxable turnover under WCT
becomes easy.
WCT is calculated only on the material involved in the
contract.
Without going into deep in the matter following dedctions
are as follws:
1. Labour charges, Services charges
2. Machine hire charges being utilised in execution of WCT
3. Consumables Cost
4. Amount paid to sub-contactors
5. labour establishments charges with profit elements in
labour and service element
Basically Taxable value
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