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What is WCT? On Which it is calculated?
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Answer Posted / atul nema
WCT means Works Contract Tax. When property of goods
transferred in execution of works contract with the help of
labour and service components, it falls under the catagory
of WCT.
Like Builing construction, Road, Dam, Power Station,
manufecturing of shirts and so on.
As u know government has intention/power to levy tax on
Sale of goods only. and In order to comply this
constitutional requirement what ever labour/service portion
invovled in contact shall be deducted to arrive at the
taxable turnover of WCT.
As no stete clearly narrated the methology of determination
of taxable turnover but with the help of various legal
pronouncements Determination of taxable turnover under WCT
becomes easy.
WCT is calculated only on the material involved in the
contract.
Without going into deep in the matter following dedctions
are as follws:
1. Labour charges, Services charges
2. Machine hire charges being utilised in execution of WCT
3. Consumables Cost
4. Amount paid to sub-contactors
5. labour establishments charges with profit elements in
labour and service element
Basically Taxable value
| Is This Answer Correct ? | 110 Yes | 17 No |
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