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What is WCT? On Which it is calculated?
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Answer Posted / kareena kapoor khan
Works contract tax (WCT) is a tax imposed on a contract for
work such as assembling, construction, building, altering,
manufacturing, processing, fabricating, installation,
improvement, repair, or commissioning of any movable or
immovable property.
WCT is based on the contracts for labor, work, or service
and not for the sale of goods, although goods are used to
fulfill the contract. For example, when a contractor
constructs a building, the buyer pays for the cost of the
building which includes the building material, labor, and
other services. No contract exists for the supply of the
building material. The WCT tax applies only to the building
and not for the materials used for construction. WCT
certificate is the Certificate of Tax (R75I119) which you
submit to the dealer or contractor.
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