https://www.taxtmi.com/article/detailed?id=1806 Taxpayers transitioning from the rescinded Works Contract composition scheme must determine tax either on actual value under Rule 2A(i) or via the composite valuation under Rule 2A(ii), with original works preserving prior effective incidence and other works facing a higher effective levy. Rule 5 treats services becoming taxable for the first time as not taxable where invoices or payments precede taxability, and partial reverse charge applies to specified services with point of taxation on or after the effective date. Remaining open issues include exclusion of commercial construction from substituted valuation rules, lack of prescribed abatement when land is excluded, and treatment of percentage-of-completion receipts for ongoing residential projects. en-us Mon, 09 Jul 2012 13:23:35 +0530 Mon, 09 Jul 2012 13:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1806 Taxpayers transitioning from the rescinded Works Contract composition scheme must determine tax either on actual value under Rule 2A(i) or via the composite valuation under Rule 2A(ii), with original works preserving prior effective incidence and other works facing a higher effective levy. Rule 5 treats services becoming taxable for the first time as not taxable where invoices or payments precede taxability, and partial reverse charge applies to specified services with point of taxation on or after the effective date. Remaining open issues include exclusion of commercial construction from substituted valuation rules, lack of prescribed abatement when land is excluded, and treatment of percentage-of-completion receipts for ongoing residential projects. Articles Service Tax Mon, 09 Jul 2012 13:23:35 +0530 https://www.taxtmi.com/article/detailed?id=1806