24 February 2013
Rule 2A of the ST valuation rules provides for deduction of actual value of materials utilised. Therefore is cost ofmaterials is 60% and GP is 10% then the value of material can be considered as 66%. Then service value wouldbe considered as 34% and ST payable on that. Where one cannot find out then 3 rates: A. For roriginal works - ST on 40% B. For other works - ST on 60% C. For repairs etc - ST on 70%
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