What rate of s.tax applicable on work contract?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 April 2013
Dear All,
Pls clarify the WCT percentage and service tax percentage on total work contrct?
Thanking you,
Pls clarify the WCT percentage and service tax percentage on total work contrct?
Thanking you,
25 April 2013
SERVICE TAX
FA12, Rule 2-A,
option 1.: computation method
Value of Service = GAC-Value of property in goods
[GAC does not include Sales Tax.
a.)Value of Goods = Actual Value On which Sales tax paid/payable
b.)value of Work Contract = All contract related cost + related profit]
Option 2: abatement method
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
WCT differs from state to state, its 4% in UP
FA12, Rule 2-A,
option 1.: computation method
Value of Service = GAC-Value of property in goods
[GAC does not include Sales Tax.
a.)Value of Goods = Actual Value On which Sales tax paid/payable
b.)value of Work Contract = All contract related cost + related profit]
Option 2: abatement method
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
WCT differs from state to state, its 4% in UP
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
