Work Contract Tax
This query is : Resolved
18 June 2011
What is the concept of WCT & how it is calculated also who is entitled to charge or deduct the WCT. Detail Procedure for the same is required.
Rakesh Jain
(Expert)
18 June 2011
Dear Darryl,
WCT is a Tax Deduction under the sales tax act. it is charged on the material + service contract in which the material and service part cannot be segregated.
contractee is lible for the deduction of such tax.
tax rate in case of reg. contractor 2% in other case 4%
In a financial year the gross transaction with such contractor shall exceed the limit of Rs. 5 lakh.
in mvat challan 210 is used for the deduction paid.
Hope above is helpful.
With Regards,
WCT is a Tax Deduction under the sales tax act. it is charged on the material + service contract in which the material and service part cannot be segregated.
contractee is lible for the deduction of such tax.
tax rate in case of reg. contractor 2% in other case 4%
In a financial year the gross transaction with such contractor shall exceed the limit of Rs. 5 lakh.
in mvat challan 210 is used for the deduction paid.
Hope above is helpful.
With Regards,
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