Rcm- finance act 2016
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2016
The recent amendment made vide Finance bill 2016 states :
"A condition mandating inclusion of cost of fuel in the consideration for availing abatement on the services by way of
renting of motor-cab is being prescribed with effect from 1st April, 2016."
Kindly clarify the meaning of the phrase "inclusion of cost of fuel in consideration"
"A condition mandating inclusion of cost of fuel in the consideration for availing abatement on the services by way of
renting of motor-cab is being prescribed with effect from 1st April, 2016."
Kindly clarify the meaning of the phrase "inclusion of cost of fuel in consideration"
19 May 2016
In order to protect the revenue of interest and to avoid artificial breaking of value of service, legislature has inserted this explanation. The service providers might charge separately for fuel and then claim abatement on balance value leading thereby to artificial reduction of value of service. Thus in order to curb this practice, legislature has vide an explanation clarified that value of such service shall include the fair market value of all goods (including fuel).
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2016
Sir,
While vouching bills for rent-a-cab how do i verify whether the rate charged (for instance : Rs. 12 per km) includes cost of fuel or not
While vouching bills for rent-a-cab how do i verify whether the rate charged (for instance : Rs. 12 per km) includes cost of fuel or not
19 May 2016
If he is not charging anything over and above, then it means it is inclusive of all charges
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