Works contract service
This query is : Resolved
Gv subba reddy
(Querist)
27 August 2013
can you please tell me what is works contract service ?.some examples of works contract services.
Sumit Grover
(Expert)
27 August 2013
Under Service tax, works contract has been defined u/s 65B(54)of Finance Act, 1994.
It states that the contract should be entered for construction, repair, maintenance, erection, commissioning, installation, completion, fitting out, renovation, alteration of any movable or immovable property.......And while executing such contract, goods are also transferred.
The best example if real estate industry.....The contractor constructs a building for the builder and for the same he also transfers the goods(such as cement, steel, sand, etc.)
It states that the contract should be entered for construction, repair, maintenance, erection, commissioning, installation, completion, fitting out, renovation, alteration of any movable or immovable property.......And while executing such contract, goods are also transferred.
The best example if real estate industry.....The contractor constructs a building for the builder and for the same he also transfers the goods(such as cement, steel, sand, etc.)
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Madhukar N Hiregange
(Expert)
27 August 2013
Please read a few articles in the articleship segment. Would give you what it is and what is the tax impact.
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