16 February 2011
works contract catgeory: Opt- 1 pay 4.12% on gross value including material. Credit only on capital goods + input services Opt- 2 pay ST on value after deducting value on which VAT paid under regular scheme [ maybe 70% or actaul material may have sufferred VAT- if os on balance 30% or 100 minus value offerred for VAT]Credit only on capital goods + input services.
Opt- 3 pay ST on gross value and avail credit on inputs + input services +capital goods.