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Value consideration at trhe time of wct, Service Tax |
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Value consideration at trhe time of wct |
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If the work order value of any party is more than 1 crore rupees than we deduct 2% as Work contract tax. now my question is that while deducting 2% WCT which value we have to consider (basic order value) or (basic vlaue + service tax + vat).
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The value of service tax should not be included in the value for VAT and vice versa since the activity is simultaneous i.e. skill/ labour is provdied along with materials.
It is too early to comment. Rules to be framed and notified at appropriate time for proposed composition scheme. Till than we should wait and watch.
Still to be notified and there maybe prescribed methods toarrive at the same. Pl wait for the same.
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