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What is the WCT? Why deduct the WCT the client.?
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Answer / mari muthu
WCT means Work Contrac Tax. This Tax same of Tds
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Answer / amulya pandit
WCT is applicable where job work is out-sourced. For example, a car part is made by party "X" and he sends it to party "Y" for machinig. While the product comes back, WTC becomes applicable. "X" being the registered dealer, is required to deduct WTC from the Invoice of "Y" and deposit it with the VAT authorities. IT is NOT TDS, which is applicable under Income TAX .
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Answer / shyam
I agree with Mr.Amulya Pandit except with the last line.
Normally WCT under VAT law applicable if it is a mixed contract which includes material + labour element in it. In such case if it exceeds the limit (normally 1 lakhs), the payer suppose to deduct 1 / 2 % (section 13 of VAT act) and deposit to state govt same like our INCOME Tax TDS, but here we re remitting to state govt. The same way we need to provide certificate of deduction also. He can adjust the same with his vat liability. WCT (Section 13 of Vat act) + TDS Under Chapter 17B of Income Tax Act + WHT under section 195 of Income Tax Act all are TDS only (We are deducting Tax liability only)
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