WCT on Construction of New Factory Building

Amit (Service) (457 Points)

28 July 2008  


Our company is planning to start construction of new factory building on one of our vacant plot. ( Maharashtra )

Company is  inviting the quotation from different contractors in this regard..

As account person I need the clarification on below mentioned points.

Point 1 ] What type of precautions our company should take in granting the Works Contract ?

Point 2] Do we need to apply for WC TIN under Sales Tax Act ? We already have VAT TIN for our normal course of trading.

Point 3] At what rate company should deduct the TDS AND also on what amount ?

Point 4] What about Service Tax ?

Point 5] Will the company eligible for set-off of WCT against trading sales tax libility ?

I will be very helpful if anyone could spare some time to elaborate on my query.

Many Thanks