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.
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.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- Long Term Service award taxability in hands of company
- Free lancer income
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
