WCT Exemption limit ?? Pl explain on which items WCT is
applicable.
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Answer / lgovindarao
WCT means works contract tax. This is tax collected by
state sales tax autorites. whenever there is mix of
materials and labour involved in a contract. Then we should
pay certain amout of tax on material poration.
| Is This Answer Correct ? | 67 Yes | 12 No |
Answer / atul nema
WCT means Works Contracts Tax and it has the same limit as
prescribed under VAT for Sale of Goods i,e; Rs.5 lacs.
Look, WCT as a whole is not taxable in the eyes of any law.
VAT can only be imposed on the transfer of Propoerty in
execution of works contracts. and dealer can get deduction
of labour utilised in executionof works contrats.
| Is This Answer Correct ? | 21 Yes | 3 No |
Answer / sonu kumar
Work contract tax is the type of Value added tax. WCT is applicable where contract is taken under BOQ and Some material is Used under it. its exemption limit is of 5 Lakh.
in this section calculating vat is as under:
Contracted Revenue ---------
Less- 1. Store Consumable Used
2. Labour Charges (Sub contractor)
3.Labour Welfare expenses
4. wages of Labour
5. profit proportion to the labour
6. Mess Expenses
7. Medical expenses
after deducting these expenses we gets taxable value on which we have to pay sales tax.
and after that we divide taxable revenue in proportion to construction material used i.e. 5% and 13.5%.
and after that multiply propersonate contracted revenue to the tax rate and got tax liability.
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / jayant m basutkar
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| Is This Answer Correct ? | 9 Yes | 6 No |
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