Composition scheme vs valuation rules after 1st july 2012
This query is : Resolved
06 September 2012
Dear All,
Please clarify the following:
As per clause(ii) of rule 2A of the Service Tax (Determination of Value) Rules, 2006 the valuation of services in the works contract has given as 40% of the total amount charged which makes the effective Service Tax as 4.8% (40% of 12%).
In this scenario can we assume that Works Contract (Composition for payment of Service Tax) Rules, 2007 became obsolete and go on with applying the above clause??
Thanks in advance
Regards
Anil
Please clarify the following:
As per clause(ii) of rule 2A of the Service Tax (Determination of Value) Rules, 2006 the valuation of services in the works contract has given as 40% of the total amount charged which makes the effective Service Tax as 4.8% (40% of 12%).
In this scenario can we assume that Works Contract (Composition for payment of Service Tax) Rules, 2007 became obsolete and go on with applying the above clause??
Thanks in advance
Regards
Anil
09 September 2012
The Board has now rescinded the composition scheme w.e.f 1.7.2012 vide Notification No.35/2012-ST dated 20/06/2012. The Notification reads as thus:-
The Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 are
rescinded w.e.f. 1st July, 2012.
The Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 are
rescinded w.e.f. 1st July, 2012.
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