Works Contract Meaning in Hindi

Works Contract Meaning in Hindi: वार्क्स कॉन्ट्रैक्ट का अर्थ

Works contract is a common term used in legal and business circles. In simple terms, it refers to a contract between two parties for the execution of a specific work. This type of contract is widely used in the construction and engineering sectors. In Hindi, it is known as वार्क्स कॉन्ट्रैक्ट.

The main feature of a works contract is that it involves the transfer of goods and services along with the execution of work. It is a combination of both service and sale of goods. For example, if a contractor is hired to construct a building, the contract would include the supply of building materials, labor services, and any other related services.

Works contract is governed by the Indian Contract Act, 1872, as well as the Goods and Services Tax (GST) Act, 2017. Under the GST Act, works contract is defined as a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, or commissioning of any immovable property. The GST on works contract is charged according to the nature of the contract and the type of services involved.

Works contract is a significant source of revenue for the Indian economy. The construction and engineering sectors are major contributors to economic growth, and works contract plays a vital role in these sectors. It provides employment opportunities, boosts infrastructure development, and drives economic growth.

In conclusion, works contract is a crucial aspect of the construction and engineering sectors. It refers to a contract between two parties for the execution of a specific work, involving the transfer of goods and services. In Hindi, it is known as वार्क्स कॉन्ट्रैक्ट. It is governed by the Indian Contract Act, 1872, and the Goods and Services Tax (GST) Act, 2017, and is a significant source of revenue for the Indian economy.