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works contract tax

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(Querist)
16 October 2009 What is works contract tax? what is the rate of works contract tax? how it is calculated?
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sunny bansal

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sunny bansal (Expert)
16 October 2009 It is basically deducted from invoice amount received from the contractor in the case of civil contract i.e.construction contract . it is basically 2% of grosss amount charged in the invoice. contrcatee who gives the contract is liable to deduct the wct from the payment to the contractor & submit to the govt.with in due date. & also file the wct return . it is basically the part of vat.
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
16 October 2009 agree
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