wheather wct to be imposed on basic+excise duty?
This query is : Resolved
14 May 2010
dear sirs,
any 1 pls tell me wheather wct(work contract tax)should be imposed on basic only or on basic+ service tax ?
any 1 pls tell me wheather wct(work contract tax)should be imposed on basic only or on basic+ service tax ?
Amit Sheode
(Expert)
14 May 2010
WCT is attracted on material portion plus the profit on the material.
Therefore not only excise but components except labour form part of turnover for WCT.
Further if one goes through Gannon Dunkerley he will find that the turnover includes all expenses incurred in respect of the material till the moment of transfer of property involved in goods during the execution of works contract
Therefore not only excise but components except labour form part of turnover for WCT.
Further if one goes through Gannon Dunkerley he will find that the turnover includes all expenses incurred in respect of the material till the moment of transfer of property involved in goods during the execution of works contract
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