wct
This query is : Resolved
20 July 2010
Kindly explain me the all provisions in respect to WCT in the books of account if i got any bill from a builder or contactor whether they have charged vat on this or not?
No one is there who can reply of above mentioned query raised by me. As the same was posted on 10-07-2010 also.
No one is there who can reply of above mentioned query raised by me. As the same was posted on 10-07-2010 also.
K Bala Kishan
(Expert)
20 July 2010
Works Contract Tax - Options Available:
1. Where the VAT dealer has maintained the accounts to determine the correct value of the goods at the time of incorporation.
2. Where the VAT dealer has NOT maintained the accounts to determine the correct value of the goods at the time of incorporation.
3. Composition Option
(A) VAT Dealer-tax payable on value of goods-At the time of incorporation of such goods in works executed-4% & 14.5% - 14.5% on total consideration received or receivable subject to such deductions as may be prescribed
(B) TOT Dealer-The value of the goods-At the time of incorporation of such goods in works executed-1%-1% on total consideration received or receivable subject to such deductions as may be prescribed
1. Where the VAT dealer has maintained the accounts to determine the correct value of the goods at the time of incorporation.
2. Where the VAT dealer has NOT maintained the accounts to determine the correct value of the goods at the time of incorporation.
3. Composition Option
(A) VAT Dealer-tax payable on value of goods-At the time of incorporation of such goods in works executed-4% & 14.5% - 14.5% on total consideration received or receivable subject to such deductions as may be prescribed
(B) TOT Dealer-The value of the goods-At the time of incorporation of such goods in works executed-1%-1% on total consideration received or receivable subject to such deductions as may be prescribed
21 July 2010
One thing i want to aks more i.e. my friend is business man and register him with DVAT as voluntary registration. Now is it necessary to register for WCT also with DVAT.
K Bala Kishan
(Expert)
21 July 2010
Not required if the person is already registered under VAT Act.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
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
