X is a Manufacturing Unit. He has given Work Contract to Y for Fabrication. I want to make the Definition of Work Contract Service Clear. If it is necessary that IT MUST BE A COMPOSITE CONTRACT OF MATERIAL & SERVICE? CAN WE MAKE WORK CONTRACT FOR SERVICE ONLY?
1 Replies
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 29 June 2010
Hi,
you can pay 4% service tax for the entire works contract (incl materials) or otherwise you can pay 10% service tax on 1/3 value of the contract.[compounding method]
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