Work contract tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2016
Please Briefly explain Work Contract tax
27 January 2016
Works contract tax (WCT) is a tax imposed on a contract for work, such as assembling, construction, building, altering, manufacturing, processing, fabricating, installation, improvement, repair, or commissioning of any movable or immovable property.
WCT is based on the contracts for labor, work, or service, and not for the sale of goods; although goods are used to fulfill the contract. For example, when a contractor constructs a building, the buyer pays for the cost of the building, which includes the building material, labour
WCT is based on the contracts for labor, work, or service, and not for the sale of goods; although goods are used to fulfill the contract. For example, when a contractor constructs a building, the buyer pays for the cost of the building, which includes the building material, labour
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