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of <h1>India Amends Service Tax Rules: New Valuation Method for Works Contracts Effective June 1, 2007</h1> The Government of India has amended the Service Tax Valuation Rules, 2006, to include a new rule for determining the value of services involved in executing a works contract. Effective from June 1, 2007, the amendment specifies that the value of works contract services is calculated by deducting the value of transferred property in goods from the gross amount charged. The rule clarifies that the gross amount excludes VAT or sales tax on transferred goods. It includes various costs such as labor charges, subcontractor payments, planning fees, machinery hire, consumables, establishment costs, and related profits.
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