WCT Exemption limit ?? Pl explain on which items WCT is
applicable.
- 5 Answers
- 36961 Views
- DC, TATA, WCT, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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
Please explain whether WCT on manufacture of Uniform made
from Cotton Fabrics is applicable or not?
| Is This Answer Correct ? | 9 Yes | 6 No |
When private limited company liable to pay service tax???????
how to deduct tds on rent? how to deduct service tax?
what is mean by wct
if bank deduct the tds, it should show in p&l or balance sheet?
what is security transaction tax
till the discounted bill is paid by acceptor it, remans 1)a contigent liabilities for the acceptor 2)a contigent liabilities fot the drawer 3)a contigent liabilities for the bank 4)a liabilities for the drawer chose correct answer with detils.
what is the meaning of provision for taxation
what are the tax exempted allowances?
what is the rate of tax, when goos purchased from outside the state without way bill
We have received Bills of Aug-2008 for contract charges. I have passed the bills in Dec-2008. So, we will pay intrest on tds or not?
IS THERE LIABILITY OF SERVICE TAX IF WE PROCESS CATTLEFEED FOR OTHER PARTY ?
we can cash slase above 20000? and if party pay the above 20000 we can give the recipt.
Audit 
