What is work contract tax
This query is : Open
11 October 2012
i don't know wct,tell me how it's work & what rates are there (recently one company asked this quation when i attend the interview)
11 October 2012
Works contact is a contact which involves components of material as well as labor. Ie contact for doing such work which involves material as well as labor. Their should be a single contact for labor and material components. And both the components should not be identifiable seperatly. On such contact works contact tax is charged, which is nothing but a combination of service tax and VAT.
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