Service tax computation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2013
my contract value is Rs.253000 including material and service provided...what rate of service tax and vat is applied for works contract and on what amount...give refernce of section also?
19 April 2013
abatement method SERVICE TAX VALUATION RULES (RULE 2A)
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
68(2) reverse charge Generally SP
In certain cases : Service Portion in work contract : SP 50% & SR 50%
Where SP is indi, huf , p.firm,AOP and SR is Body corporate
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
68(2) reverse charge Generally SP
In certain cases : Service Portion in work contract : SP 50% & SR 50%
Where SP is indi, huf , p.firm,AOP and SR is Body corporate
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ADVANCE PAYMENT OF ADVOCATE
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Management System (IMS)
- DIN reactivation
- Condonation . E-Verification of last year return .
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
