Works contract tax in maharashtra
This query is : Resolved
15 May 2009
At what rate WCT is charged and at amount?
What is the concept of WCT Tds?
What is the concept of WCT Tds?
16 May 2009
There are three methods for accounting for works contract:
1.Actual basis - VAT is to be charged on material and service tax on labour charges on actual consumption basis + appropriate apportionment of profit between the two.
2.On adhoc basis.
VAT - On 70% of contract amount
Service Tax- On 30% of contract amount
3.Composition Scheme
VAT-@5% of contract price.
Service tax @ 4.12 of contract price.
1.Actual basis - VAT is to be charged on material and service tax on labour charges on actual consumption basis + appropriate apportionment of profit between the two.
2.On adhoc basis.
VAT - On 70% of contract amount
Service Tax- On 30% of contract amount
3.Composition Scheme
VAT-@5% of contract price.
Service tax @ 4.12 of contract price.
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