St in kolkata
This query is : Resolved
04 July 2012
how the ST is calculated in KOLKATA on WCT???
is it calculated on 55% of Bill??
is it calculated on 55% of Bill??
04 July 2012
Do you mean "ST" = Service tax?. If it is service tax then it is central levy applicable throughout india not specifically for kolkatta on wct. Before answering we need your clarification on the word "ST".
Message likes :
1 times
04 July 2012
you means... Service tax is calculated on 55% of amount of bill through the india??? provided WCT is applied??
04 July 2012
Works contract is a composite service consists of labour and material. So, the Service tax liability for working out the taxable turnover (throughout india)is as follows:
Total value of the works contract:
See the new valuation rules for total value (Rule 2A of the service tax determination of value rules, 2006.
Then, minus the material cost as shown in the VAT Return and pay 12.36% on the balance turnover.
If material cost is not ascertainable, pay 12.36% on 40% of the total amount charged for the works contract for original works.
Original work means = new construction.
For other works contract 60% is the taxable turnover.
How you got 55%?
For more clarity, kindly go thro the relvant new notifications.
Total value of the works contract:
See the new valuation rules for total value (Rule 2A of the service tax determination of value rules, 2006.
Then, minus the material cost as shown in the VAT Return and pay 12.36% on the balance turnover.
If material cost is not ascertainable, pay 12.36% on 40% of the total amount charged for the works contract for original works.
Original work means = new construction.
For other works contract 60% is the taxable turnover.
How you got 55%?
For more clarity, kindly go thro the relvant new notifications.
Message likes :
1 times
04 July 2012
my one client received advance from customer from kolkata. so, while calculating service tax, he calculated on 55% of advance received.
25 July 2025
https://docs.google.com/document/d/1ZrbmkmxJQRqHAVQ0cxM0tcThv32lyzmmtw6AUHhp9_c/edit?usp=sharing
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
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- Query regarding reporting of exempt foreign remuneration in ITR
- DUE DATE FOR ITR FILING
- Rent claimed on building given on permissive possession basis
- Error in uploading Form 10BD
- F&O reporting in ITR
- Short Term Gain Reporting ITR
- 44AD, 44ADA business details
- Gst reverse charge mechanism to be claimed in the month of payment
- Itr processing refund
- U/S 194 T
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
