Wct tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
what is wct tax & how we get credit of wct tax and what is accounting treatment ?
Vishnu Saboo
(Expert)
21 February 2015
WCT is type of sales tax, in sales tax you have to charge tax on full amount, whereas in WCT there are 2 proportion one is labor and 2 is material. WCT is charged on material portion only.
WCT concept is applied only where goods are sold with some services, like construction of flats etc.
WCT concept is applied only where goods are sold with some services, like construction of flats etc.
Rupesh Jain
(Expert)
24 February 2015
WCT-work contract tax its charge on contract value as per state vat act.
its charge on contract in which labour and material both include.
only on labour work or material work not applicable.
its charge on contract in which labour and material both include.
only on labour work or material work not applicable.
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