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.
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.
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