sir,
I wish to know that if a constructor has taken a contract worth rs 2 crore and is getting material in lieu of the contract as specified in the contract then what he should do so as to avoid loss on account of service tax.
Pulkit (CA STUDENT) (28 Points)
05 August 2008sir,
I wish to know that if a constructor has taken a contract worth rs 2 crore and is getting material in lieu of the contract as specified in the contract then what he should do so as to avoid loss on account of service tax.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 10 October 2008
Pulkit Query
Query not very clear
If the contractor is having a contract for Rs.2 crores and recived Rs.1 crore of materials from the customer then he can chagre only Rs1 crore and taxes as applicable on that wouldbe leviable.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 10 October 2008
Ramakrishan Query
If you are talking of indivdiual houses they are not liable for service tax. If you are talking of the indivdiual contractor then he is laible after Rs.10 lakhs of services provided his earlier years taxable services did not exceed Rs.10 lakhs.
BALU V
(GOI)
(619 Points)
Replied 19 December 2008
I think we have lost track of this string. Pulkit may post a question again
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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