Wct issue
This query is : Resolved
06 March 2012
hi
In a WCT contract, where both material & labour are identified,
1)Is the below billing correct?
Material 200000
Mvat @ 4% 8000
Labour services 100000
Service tax 10300
total 318300 Is this billing correct?
2) While releasing the payment on which amount WCT TDS is to be deducted? on 110300 or on 318300?
thanks.
In a WCT contract, where both material & labour are identified,
1)Is the below billing correct?
Material 200000
Mvat @ 4% 8000
Labour services 100000
Service tax 10300
total 318300 Is this billing correct?
2) While releasing the payment on which amount WCT TDS is to be deducted? on 110300 or on 318300?
thanks.
18 March 2012
Mr Rohit Pai,
Yes that billing is correct.WCT TDS is to be done on the whole bill value,unless the contractor takes permission from VAT authorities for a lower amount of TDS.
MJK
Yes that billing is correct.WCT TDS is to be done on the whole bill value,unless the contractor takes permission from VAT authorities for a lower amount of TDS.
MJK
19 March 2012
thanks MJK sir
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