Composition scheme

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
07 August 2014 hi,


if i opt for a composition scheme under vat for works contract other than a construction contract charging 8% tax on vat will i be still be liable to pay service tax?

10 August 2014 Yes You are very much liable to collect and pay service tax if your threshold limit exceed Rs.10 Lacs. you can opt for composition scheme too in service tax. depending on tyoe of your contract, service tax rate will be as follows:
40% taxable i.e 40*12.36%= 4.944%
30% taxable i.e 30*12.36%= 3.708%
60% taxable i.e 60*12.36%= 7.416%



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries