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of <h1>Opt for 4% Service Tax Rate on Works Contracts under 2007 Rules Instead of Section 66 Rate.</h1> Under the Works Contract (Composition Scheme for payment of Service Tax) Rules, 2007, individuals liable for service tax on works contracts can opt to pay a service tax of four percent of the gross amount charged, instead of the rate specified in section 66 of the Act. The gross amount includes the value of goods and services used in the contract but excludes VAT or sales tax and costs for machinery and tools. CENVAT credit on inputs is not allowed, and credit on certain services is limited to 40%. The option must be chosen before paying the service tax and is irrevocable for the contract's duration.
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