WCT TDS matter

[Asked by Guest]

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

[Ganeshan Kalyani]

As per section 65 of GVAT Rules , the form 702 is necessary to be given by contractor to the employer .

[DR.MARIAPPAN GOVINDARAJAN]

Thanks Ganeshanji for your clarification.

AI Summary

Form 702 requirement: failure to furnish allows WCT TDS deduction from contractor invoices under GVAT rules.
Contractors must furnish Form 702 to the employer to avoid WCT TDS withholding; when the form is not provided, employers have deducted WCT TDS on the full invoice value at the rate applied by the payer, and contractors may request WCT TDS certificates. The requirement to supply Form 702 is treated as necessary under the GVAT Rules.