Work contract tax
This query is : Resolved
CA Ritesh Jaiswal
(Querist)
16 February 2012
Dear All,
My query is regarding on what value WCT is to be deducted:-
1. Material 100
2. Labour(service portion) 50
3. Vat 10
4. Service tax 10
----
170
----
if work contract is under
(a) normal scheme
(b) composition scheme.
Please reply as early as possible.
My query is regarding on what value WCT is to be deducted:-
1. Material 100
2. Labour(service portion) 50
3. Vat 10
4. Service tax 10
----
170
----
if work contract is under
(a) normal scheme
(b) composition scheme.
Please reply as early as possible.
CA Nikhil Jhanwar
(Expert)
16 February 2012
To add to your query my query pls. differentiate WCT from VAT and Service tax. What is the legal basis of WCT. I think it is same as VAT but used in popular sense as WCT. Pls. correct if I am wrong.
If VAT & Service tax has already been levied. Then how levy of WCT arises.
If VAT & Service tax has already been levied. Then how levy of WCT arises.
CA Ritesh Jaiswal
(Querist)
17 February 2012
Here i would also like to clarify WCT is TDS on VAT
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