What does WCT mean for taxes?
Work Contract Tax
Tax on Work Contract are called Work Contract Tax (WCT)
Is TDS applicable on VAT?
No TDS on government levies like service tax , VAT, Municipal tax.
What is WCT registration?
WCT (Work Contract Tax) is now solely under jurisdiction of Sales tax authority of the concerned state. WCT is applicable where work/composite supply is being executed i.e. contract consisting of supply & service both. Payer will have to deduct WCT and deposit the same in the local Sales Tax authority.
What is TDS and TCS in GST?
TDS and TCS under GST is an acronym for tax deduction at source and tax collection at source. These terms are even present under the Income Tax law. TDS and TCS under GST came into effect from 1st October 2018.
What is the TCS in GST?
Tax Collected at Source (TCS) under GST means the tax collected by an e-commerce operator from the consideration received by it on behalf of the supplier of goods, or services who makes supplies through the operator’s online platform. TCS will be charged as a percentage on the net taxable supplies.
What is TCS tax with example?
Tax Collected at Source or TCS -Example If a buyer is purchasing a car that costs Rs 10.01 lakhs then an amount of Rs 10,010 would be payable as TCS. This amount would need to be submitted to a particular branch of the bank which has been given permission by the government for receiving such payments.
What is TCS tax in GST?
GST TCS is applicable at the rate of 1% of taxable value. Hence, if the seller sells the product at Rs. 1000 through an e-commerce operator like Amazon, the Amazon would deduct tax @ 1% of the net value of…
e. Rs.
What is TCS example?
Is TCS charged GST?
TCS will be charged as a percentage on the net taxable supplies. The provision of TCS under GST is dealt under Section 52 of the CGST Act.
Who will deduct TCS in GST?
Is GST applicable on works contract?
However, the GST rate for works contract related to construction or building of a unit intended for the purpose of sale is 12%….GST on Works Contract.
| Ground for Difference | Works Contract | Composite Supply |
|---|---|---|
| Input Tax Credit (ITC) to the recipient of Supply | Not available (Apart from specific Situation discussed later) | Available |
Who deducts TCS GST?
The dealers or traders supplying goods and/or services through e-commerce operators will receive payment after deduction of TCS @ 1%. The rate is notified by the CBIC in Notification no. 52/2018 under CGST Act and 02/2018 under IGST Act.
Can works contractor claim ITC?
ITC shall not be available for any work contract services. ITC for the construction of an immovable property cannot be availed, except where the input service is used for further work contract services. For example, XYZ Contractors are constructing an immovable property. They cannot claim any ITC on the works contract.
Is job work taxable under GST?
Also in the latest GST circular 126/45/2019, it has been clarified that all the registered taxpayers under job work are to be levied with 12% GST and hence the unregistered taxpayers under the GST job work will have to give 18% GST rate.
What is GST rate for job work?
12% GST
GST Rate on Job Work Also in the latest GST circular 126/45/2019, it has been clarified that all the registered taxpayers under job work are to be levied with 12% GST and hence the unregistered taxpayers under the GST job work will have to give 18% GST rate.