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
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