Neeraj Bitther (Asstt. Manager Taxation) (35 Points)
04 April 2009Valuation of Taxable Service under the Composition scheme of service tax. wether 1. it excludes the WCT deducted by the clint from the bills raised for taxable service while realising payment. 2. whether Machinery & equipment purchase for the execution of taxable works contract service and excise duty and cess paid can be taken cradit from service tax payble if
SIDDHARTHA SANKAR ROY
(Government Servant -MOF)
(868 Points)
Replied 04 April 2009
The gross amount taxable value under composition scheme does not include VAT or sales tax paid on the transfer of property in goods involved in the execution of the contract.
Yes, CENVAT credit on capital goods would be available
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