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.
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