03 August 2014
I'm Replying only Service tax Point of View:
On painting work service tax @ 60% should apply. . . So effective rate is 12.36*60% . .
Budget Effect:
In case of works contract service, there were different composition schemes of 40%, 60% and 70%. Now, the 60% scheme is abolished w.e.f. 1-10-2014. . . So in short what ever comes in 60% falls to 70% Slab . . So your effective rate w.e.f 01.10.2014 is . =12.36*70%
CAclubindia
