Works contract
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2014
SIR WHAT IS MEAN BY WORKS CONTRACT..AND HOW IT IS ACCOUNTED IN BOOKS..??
24 February 2014
The works contracts are not normal sales. In the normal sale there is a transfer of property in definite or ascertained goods. The goods remain same before and after the delivery of the goods. However, in works contracts it does not happen. The goods before the delivery and after the execution of works contracts are different, many times in different form also. For example, at the site of construction of a building, before the Construction (works contract) commences, the goods like cement, steel, sand etc. are lying but after the Construction a building (immovable goods) comes to an existence. This is the difference between the ` Normal” sale and the “deemed sale” in the indivisible works contract .
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