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?
CA Vikas Acharya
(Expert)
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
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