Works contract under composition Scheme

Download Preview

Description:

Works contract under composition Scheme #pdf

Submitted By:

kosigi.prabhakar

on 25 June 2016

Other files by the user

Downloaded:

986 times

File size:

103 KB

Rating:

Download Other files in Service Tax category

Share Report

File Content -

Hi, Payment of service tax on works contract under composition Scheme: Rule 2A(ii) Service tax Determination of value ) Rules 20016: Under composition scheme service tax payable at specified percentage of “Total amount” i.e ,total value of value of contract. So in this case : 1. ABC Ltd is opted the composition scheme as per rule 2A(ii) Service tax Determination of value ) Rules 20016 2. ABC Ltd levied 15 % on 30 %( i.s specified percentage ) of Total amount. 3. So RCM will not applicable ( need to verify HUF/Individual/Firm) 4. Cenvat credit ( i.e, Service tax input) is not available 5. ABC Ltd Invoice should be only Gross amount ( i.e No separate amounts for goods & Services) Requirements : 1. ABC LTD should disclose Service tax Registration number on face of the Invoice 2. Service tax should be bifurcated i.e service tax@14%, SBC@.05% & KKC@05% Particulars Amount Total Value for contract 100 VAT 14.5% on 75% of Total Value of contract 11 Service tax@14.5% on 30% of Total Value of contract 4.35 Total Value for contract 115.35

Comments

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Trending Downloads

CA Final Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management) Question Paper New Course May 2026

On : 13 May 2026
Download

Works contract under composition Scheme

Trending Downloads

CA Intermediate Advanced Accounting Question Paper New Course May 2026

Foreign Exchange Management (Authorised Persons) Regulations, 2026

CA Final Indirect Tax Laws Question Paper New Course May 2026

CBDT Central Action Plan 2026-27 Unveiled

CA Final Direct Tax Laws & International Taxation Question Paper New Course May 2026

CA Final Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management) Question Paper New Course May 2026

Trending Online Classes

Meet our CAclubindia PRO Members

Popular Files

Quick Links

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA