19 November 2014
Is there any change in rate for taxable value of services in composite bill of service and material in work contract. Some contractor said that it has been reduced from 40% to 30% as value of service. But i could not find any circular saying such on site. If any body knows pl tell me.
As per notification No.11/2014-ST Dated 11.07.2014, with effect from 01.10.2014, sub-cluase (B) & (C) of rule 2A(ii) of service tax (determination of value) rules,2006, only sub-clause (B) has been inserted with taxable portion of 70%. Earlier there was taxable portion of 40%, 70% & 60%. This 60% has been replaced with common 70% slab. Please read the notification for details.
As per notification No.11/2014-ST Dated 11.07.2014, with effect from 01.10.2014, sub-cluase (B) & (C) of rule 2A(ii) of service tax (determination of value) rules,2006, only sub-clause (B) has been inserted with taxable portion of 70%. Earlier there was taxable portion of 40%, 70% & 60%. This 60% has been replaced with common 70% slab. Please read the notification for details.
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