IF ONE SUB CONTRACTOR GIVE US BILL OF RS.120000 FOR
APRIL,RS.110000 FOR MAY & RS.180000 FOR JUNE WITH LABOUR
CHARGES INCLUDING VAT @12.5%.HOW MUCH AMOUNT SHOULD WE
DEDUCTED AS A WCT TAX?
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Answer / Kamal Kant Verma
First, let's calculate the total amount excluding VAT:nApril: Rs. 120,000nMay: Rs. 110,000nJune: Rs. 180,000nTotal: Rs. 310,000nNext, let's calculate the total VAT:nVAT rate: 12.5%nTotal amount excluding VAT: Rs. 310,000nTotal VAT: (12.5/100) * Rs. 310,000 = Rs. 38,750nFinally, let's subtract the total VAT from the total amount to find the net amount:nNet amount = Total amount excluding VAT - Total VAT = Rs. (310,000 - 38,750) = Rs. 271,250
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