Works contract act

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Anita (Querist)

12 August 2009 I want to know whether we have to file a return for Works Contract Tax ?? and whether any assessement is carried out for the same??Where can i find WCT Act??

SARATHY RP

SARATHY RP (Expert)

13 August 2009 Dear Anita,

There is no Act called Works Contract Tax Act. There is no tax called Works Contract Tax.

As far as Indirect taxation is concerned, a works contract involving transfer of property in goods and provision of taxable service, is taxable with regard to transfer of proerty in goods under the local VAT Act or CST Act and the services provided are taxable under Service TAx Scheme of Finance Act, 1994.

Hope this clarifies your query.
Thanks.
Sarathy

Jiwan singh

Jiwan singh (Expert)

13 August 2009 hi
there is one question from my side. please clear

we have to pay wct under local vat act. will we have to deduct tds on this contract ?

SARATHY RP

SARATHY RP (Expert)

16 August 2009 Dear Mr Jiwan Singh,

Whenever you make a payment to your contractor you have to effect TDS as per the local VAT Act / Rules and remit the same within the prescribed period to your Tax assessing authority and issue your contractor a certificate confirming this action.

Thanks.
Sarathy

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