https://www.taxtmi.com/article/detailed?id=1774 The new Notifications deny abatement for commercial/industrial construction and related services and set two valuation methods for works contracts: an actual-value method subtracting property-in-goods value and VAT from gross contract charges while adding specified service components, and a composite method applying prescribed taxable proportions and including the fair market value of goods/services supplied by the contractee; CENVAT credit on inputs for such works contracts is disallowed. Open issues include whether excluded construction services qualify as works contracts for valuation, composition rates when land value is included, and FMV calculation disputes. en-us Tue, 19 Jun 2012 11:12:07 +0530 Tue, 19 Jun 2012 11:12:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1774 The new Notifications deny abatement for commercial/industrial construction and related services and set two valuation methods for works contracts: an actual-value method subtracting property-in-goods value and VAT from gross contract charges while adding specified service components, and a composite method applying prescribed taxable proportions and including the fair market value of goods/services supplied by the contractee; CENVAT credit on inputs for such works contracts is disallowed. Open issues include whether excluded construction services qualify as works contracts for valuation, composition rates when land value is included, and FMV calculation disputes. Articles Service Tax Tue, 19 Jun 2012 11:12:07 +0530 https://www.taxtmi.com/article/detailed?id=1774