Composition scheme
This query is : Resolved
Querist : Anonymous
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?
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?
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%
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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