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Composition scheme

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2014 hi,


if i opt for a composition scheme under vat for works contract other than a construction contract charging 8% tax on vat will i be still be liable to pay service tax?
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CA CHIRAG DOSHI

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CA CHIRAG DOSHI (Expert)
10 August 2014 Yes You are very much liable to collect and pay service tax if your threshold limit exceed Rs.10 Lacs. you can opt for composition scheme too in service tax. depending on tyoe of your contract, service tax rate will be as follows:
40% taxable i.e 40*12.36%= 4.944%
30% taxable i.e 30*12.36%= 3.708%
60% taxable i.e 60*12.36%= 7.416%
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