https://www.taxtmi.com/article/detailed?id=1808 Works contract service now covers both immovable and movable property where goods transfer is leviable as sale. Valuation follows service tax valuation rules: service value equals gross charges less value of transferred goods (VAT excluded), with service portion including labour, design fees, hire charges, consumables and profit. If VAT on material is not paid on actual value, prescribed presumptive percentages determine taxable service value. The optional composition scheme is removed and partial reverse charge places additional tax liability on recipients where the provider is an individual or firm and the recipient is a body corporate. en-us Tue, 10 Jul 2012 09:06:09 +0530 Tue, 10 Jul 2012 09:06:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1808 Works contract service now covers both immovable and movable property where goods transfer is leviable as sale. Valuation follows service tax valuation rules: service value equals gross charges less value of transferred goods (VAT excluded), with service portion including labour, design fees, hire charges, consumables and profit. If VAT on material is not paid on actual value, prescribed presumptive percentages determine taxable service value. The optional composition scheme is removed and partial reverse charge places additional tax liability on recipients where the provider is an individual or firm and the recipient is a body corporate. Articles Service Tax Tue, 10 Jul 2012 09:06:09 +0530 https://www.taxtmi.com/article/detailed?id=1808