Valuation of taxable services: draft rules propose methods to determine value when consideration is non monetary or unknown. Valuation of taxable services currently relies on gross monetary charges under section 67, leaving uncertainty where consideration is non monetary or not explicitly known. The Finance Bill, 2006 proposes replacing that provision and empowering rules prescribing methods to determine taxable value in such circumstances. Draft Service Tax (Determination of Value) Rules, 2006 are circulated and the Tax Research Unit invites comments with provided contact details and a submission deadline.
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Valuation of taxable services: draft rules propose methods to determine value when consideration is non monetary or unknown.
Valuation of taxable services currently relies on gross monetary charges under section 67, leaving uncertainty where consideration is non monetary or not explicitly known. The Finance Bill, 2006 proposes replacing that provision and empowering rules prescribing methods to determine taxable value in such circumstances. Draft Service Tax (Determination of Value) Rules, 2006 are circulated and the Tax Research Unit invites comments with provided contact details and a submission deadline.
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