WCT RETURN

[virendra singh]

DEAR SIR,

A FIRM REGISTERED IN 1ST QTR 2014-15 IN RVAT UNDER WCT. EC ISSUED ON 17/06/2014

WE FILED 1ST AND 2ND QTR VAT RETURN OF NIL TURNOVER. NOW THE FIRM HAS RAISED BILL IN 3RD QTR AGST PAYMENT OF CONTRACT WORK.

THE FIRM HAS RECD PAYMENT IN 3RD QTR AFTER DEDUCTING TAX BY THE AWARDER.

DO WE NEED TO FILE QTRLY RETURN OR WE CAN FILE VAT 11.

AND WHAT ARE THE PENALTY PROVISION FOR QTRLY. RETURN.

AI Summary

Firm Seeks Guidance on Quarterly Return Filing and Penalty Provisions for Works Contract Tax Under RVAT 2014-15 A firm registered in the first quarter of 2014-15 under RVAT for Works Contract Tax (WCT) filed nil turnover VAT returns for the first and second quarters. In the third quarter, the firm raised a bill for contract work and received payment after tax deduction by the awarder. The firm seeks guidance on whether to file a quarterly return or VAT 11 and inquires about penalty provisions for quarterly returns.