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of <h1>India Revises Service Tax Rules: Key Changes to Works Contracts and Food Supply Services Effective July 1, 2012</h1> The Government of India, through the Ministry of Finance, issued Notification No. 24/2012 on June 6, 2012, amending the Service Tax (Determination of Value) Rules, 2006. Effective from July 1, 2012, the amendment revises Rule 2A, detailing the determination of the value of the service portion in works contracts. It specifies deductions for the value of goods transferred and outlines the inclusion of various costs and profits in the service value. Additionally, the amendment introduces Rule 2C, addressing the valuation of service portions in food supply activities at restaurants and outdoor catering, setting specified percentages for service tax calculation. Other modifications include changes to rules concerning telecommunication services, demurrage charges, and subsidies.
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