TaxTMI 
TaxTMI 
value of electricity free supplied by service receipient should be add or not while determing the value of works contract service under clause (i) of rule 2A of valuation rule as ammended by 24/2012.
value of electricity free supplied by service receipient
27 Aug 2012 
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Valuation of works contract service: include recipient supplied electricity and materials in taxable value per valuation rules.
Valuation of works contract service under clause (i) of rule 2A must include value of materials and consumables supplied by the service recipient, including electricity supplied free; such inclusions (vatable and non vatable) are to be determined in accordance with generally accepted accounting principles, with further procedural detail in the published guidance paragraph. (AI Summary)
Valuation of works contract service under clause (i) of rule 2A must include value of materials and consumables supplied by the service recipient, including electricity supplied free; such inclusions (vatable and non vatable) are to be determined in accordance with generally accepted accounting principles, with further procedural detail in the published guidance paragraph. (AI Summary)