Wct
This query is : Resolved
15 May 2012
Hi
pls explain me about WCT & its Rate with payable liability?
Where its applicable?
and is rates of WCT differ from every state?
pls explain me about WCT & its Rate with payable liability?
Where its applicable?
and is rates of WCT differ from every state?
MJ Krishnamurthy
(Expert)
15 May 2012
Ms Lovely,
When some work is executed by using material and labour it is WCT.Out of that material consumed is taxable at the rates applicable in each state.
MJK
When some work is executed by using material and labour it is WCT.Out of that material consumed is taxable at the rates applicable in each state.
MJK
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17 May 2012
Thanks Mr.Krishnamurthy
Could you explain the rate of WCT for various states where its applicable??
Could you explain the rate of WCT for various states where its applicable??
MJ Krishnamurthy
(Expert)
17 May 2012
Ms Lovely,
Perhaps,only in Karnataka,there is a common rate on the property transferred in WCT @ 14%. In all other states you have to calculate the value of the property transferred in various goods by adding GP to their purchase price.Then pay VAT at the appropriate rates applicable to each of them.
MJK
Perhaps,only in Karnataka,there is a common rate on the property transferred in WCT @ 14%. In all other states you have to calculate the value of the property transferred in various goods by adding GP to their purchase price.Then pay VAT at the appropriate rates applicable to each of them.
MJK
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