Wct
This query is : Open
04 August 2011
Dear All,
plz give me the full data of WORK Contracts
Tax applicability details.
Thanks
plz give me the full data of WORK Contracts
Tax applicability details.
Thanks
MJ Krishnamurthy
(Expert)
05 August 2011
Mr Kuldeep,
It is a very vast subject on WCT.This space is too small for it.However, for your benefit I will put it breifly as follows:
1)Whenever you sell some material along with lablour work it becomes a works contract(WCT)
2)In this type of WCT VAT is leviable only on the value of transferreed property.
3)To know this amount you have to deduct the value of labour and site expenses(including profit allowable)from the total value of contract.
4)In some States there is a common rate for each type of contract irrespective of the various material involved,whereas in others,such as Kerala,at seperate rates for each item used in the contract, are applied.
5) Under each VAT Acts in India a schedule is furnished giving details of WCTs that are taxable and the rates applicable.
MJK
It is a very vast subject on WCT.This space is too small for it.However, for your benefit I will put it breifly as follows:
1)Whenever you sell some material along with lablour work it becomes a works contract(WCT)
2)In this type of WCT VAT is leviable only on the value of transferreed property.
3)To know this amount you have to deduct the value of labour and site expenses(including profit allowable)from the total value of contract.
4)In some States there is a common rate for each type of contract irrespective of the various material involved,whereas in others,such as Kerala,at seperate rates for each item used in the contract, are applied.
5) Under each VAT Acts in India a schedule is furnished giving details of WCTs that are taxable and the rates applicable.
MJK
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