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
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
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
