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of <h1>Finance Ministry Forms High-Level Committee to Resolve Flat Valuation Discrepancies in Service Tax Interpretations.</h1> The Ministry of Finance established a High Level Committee to address discrepancies in tax law interpretations, specifically regarding the valuation of flats for service tax purposes. The Committee noted conflicting views between the Education Guide 2012 and CBEC Circular No. 151/2/2012-ST regarding how flats given to landowners in a tri-partite construction model should be valued. The Circular suggests valuing these flats based on similar flats sold to other buyers, aligning with the Service Tax (Determination of Value) Rules, 2006. The Circular is deemed authoritative over the Education Guide, and tax authorities are instructed to follow it for assessing service tax.
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