Form No. WC 1 - Application Form for Opting Composition by an eligible works contractor in respect of Scheme as notified by Government under sub section (12) of section 16
Contents
Notifications
Circulars
Acts
Plus +
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Works contractor composition application: select 2.5% or 3% rate and disclose opening stock, capital goods, and ITC reversals. Form WC 01 enables an eligible works contractor to opt for the composition scheme by declaring TIN, dealer details, year of effect and selecting the ... Summary
Works contractor composition application: select 2.5% or 3% rate and disclose opening stock, capital goods, and ITC reversals.
Form WC 01 enables an eligible works contractor to opt for the composition scheme by declaring TIN, dealer details, year of effect and selecting the composition rate (2.5% or 3% of turnover), and requires turnover figures. It mandates computation and payment of tax on opening stock and on capital goods where ITC claimed in the preceding three years is to be reversed, with supporting challan/proof of deposit. Part B supplies rate wise schedules for trading stock, raw material, packaging, finished goods and capital goods showing purchase value, fair market value on the opening day and tax payable, with totals carried to Part A and signed verification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.