works contract tax
This query is : Resolved
16 October 2009
What is works contract tax? what is the rate of works contract tax? how it is calculated?
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.
CA Suresh Choudhary
(Expert)
16 October 2009
agree
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