WCT TDS matter

[Sanjay Vasava]

Dear Sir,

Our some contractors are not submitted form 702 with Invoice.

We are deducted WCT TDS (WCT TDS Rate is .06%) on full invoice value. Parties asking for WCT TDS certificate.

I want some clarity from experts, Form 702 is essential for WCT TDS or not.

Please explain.

Thanks & Regards,

Sanjay Vasava

AI Summary

Is Form 702 necessary for withholding tax deductions on contractor invoices? Section 65 of GVAT Rules clarifies. A user inquired about the necessity of Form 702 for withholding tax deductions at source (WCT TDS) on contractor invoices, noting that some contractors did not submit this form. The user mentioned deducting WCT TDS at a rate of 0.06% on the full invoice value and requested expert clarification on whether Form 702 is essential. One respondent clarified that, according to Section 65 of the GVAT Rules, contractors must provide Form 702 to the employer. Another participant thanked the respondent for the clarification.