What is WCT? On Which it is calculated?pleasegive any
example.
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WCT- Works Contract Tax
Whenever any activity is undertaken under a contract for
working upon any goods; it can be liable to tax
under "Works Contract Act" which is leviable by the Sales
Tax/VAT department of the State Government
Work contract tax is almost like sales tax which is levied
in the process of sale or activity or project, where there
is an involvement or which include goods or material. That
is, if a project right from the commencement to till the
end, involves any goods, then it is liable for the WCT.
Suppose, a company has given a project to a vendor to
construct the wood work of a particular office area. Then
the project includes goods like wood, paint and other
accessories etc. which is liable for WCT. Usually,
engineering projects are not liable for WCT.
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Dear sir i am a contractor and making a invoice for Rs. 1500000= in which 1200000 for material and 300000 for labour charges how should i make a invoice with material and what will for format of invoice, if i make separate invoice for material and separate for labour charges what service tax and sales tax chaeges will be. and what TDS will party deduct on my bill. pls answer as soon as possible.
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