WCT Exemption limit ?? Pl explain on which items WCT is
applicable.
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Answer Posted / 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 |
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