wct

This query is : Resolved

Harpreet (Querist)
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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.

K Bala Kishan

K Bala Kishan (Expert)
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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

Harpreet

Harpreet (Querist)
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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

K Bala Kishan (Expert)
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21 July 2010 Not required if the person is already registered under VAT Act.

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