Wct deduction

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Pawan Kumar

Pawan Kumar (Querist)
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03 October 2012 can we claim wct in the current year,if it was deducted in the previous financial year?

PARDEEP KUMAR AGGARWAL

PARDEEP KUMAR AGGARWAL (Expert)
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04 October 2012 WCT should be considered in the same financial year for which it actually pertains. VAT laws do not allow us to carry forward the WCT amounts deducted by Contractee from contractor's payment. If already you have filed your VAT returns without claiming WCT credit, it is suggested that you please revise your return showing the WCT credit and if whole input could not be set off, the excess you can carry forward.

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