Calculate service tax on contract work
This query is : Resolved
08 October 2012
Respected Experts,
I want to know that what is the calculation of service tax in contract work with labour and materials for the f.y. 2012-2013. i think the ratio is 67% amount is materials and 33% is labour and the service tax chargeble on 33% amount.i want to know this is correct or not and also this ration is continued in f.y 12-13 or any change from 01-04-2012 so please guide me.
thanks
I want to know that what is the calculation of service tax in contract work with labour and materials for the f.y. 2012-2013. i think the ratio is 67% amount is materials and 33% is labour and the service tax chargeble on 33% amount.i want to know this is correct or not and also this ration is continued in f.y 12-13 or any change from 01-04-2012 so please guide me.
thanks
Madhukar N Hiregange
(Expert)
08 October 2012
That is no longer valid.
Now if actual material value available then on gross value less actual value of material. If not then pay ST on 40% of the value. With this you can avail the cenvat credit on capital goods + input services.
Now if actual material value available then on gross value less actual value of material. If not then pay ST on 40% of the value. With this you can avail the cenvat credit on capital goods + input services.
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