Composition scheme valuation rules: clarified gross amount definition and option permissible only if declared value not less than gross amount. Amendment defines gross amount charged for works contracts to include value of all goods and services used for execution while excluding value added tax or sales tax on transfer of goods and the cost of machinery and tools except hire charges; it preserves prior treatment where execution commenced or payments were made before the operative date. It further provides that the option under sub-rule (3) is permissible only when the declared value of the works contract is not less than the defined gross amount charged.