Service tax computation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2013
my contract value is Rs.253000 including material and service provided...what rate of service tax and vat is applied for works contract and on what amount...give refernce of section also?
19 April 2013
abatement method SERVICE TAX VALUATION RULES (RULE 2A)
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
68(2) reverse charge Generally SP
In certain cases : Service Portion in work contract : SP 50% & SR 50%
Where SP is indi, huf , p.firm,AOP and SR is Body corporate
following % of total amount charged is taxable
In case of original contract 40%
In case of MRRR of any GOODS 70%
Other than above two( eg: glazing, plastering, floor and wall tiling, installation of electrical fittings of an immovable property) 60%
Remaining is abatement..
Total amt charged is Gross Amt Charged +FMV of all goods & services given by SR in relation to that – Amount charged by SR for the same including vat if any.
68(2) reverse charge Generally SP
In certain cases : Service Portion in work contract : SP 50% & SR 50%
Where SP is indi, huf , p.firm,AOP and SR is Body corporate
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Sale of property furniture sale
- Applicability of Tax audit u/s 44AB of income tax act, 1961
- Question about eligibility for tax rebate u/s 87A
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- IGST Credit-Show cause notice issued-confusion
Trending Online Classes
CAclubindia
