https://www.taxtmi.com/article/detailed?id=1922 Valuation of the service portion requires either (a) computing the works contract service as the gross amount charged less the value of property in goods transferred - with specified inclusions such as labour, subcontractor payments, design fees, hired equipment charges, consumables, establishment costs and attributable profit - and using the VAT/sales-tax value where applicable; or (b) applying the statutory alternate method where goods' value is indeterminate, which requires treating the fair market value of goods and services supplied (including free supplies) as part of the total amount for calculating the taxable service portion. en-us Tue, 16 Oct 2012 12:04:48 +0530 Thu, 18 Oct 2012 09:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1922 Valuation of the service portion requires either (a) computing the works contract service as the gross amount charged less the value of property in goods transferred - with specified inclusions such as labour, subcontractor payments, design fees, hired equipment charges, consumables, establishment costs and attributable profit - and using the VAT/sales-tax value where applicable; or (b) applying the statutory alternate method where goods' value is indeterminate, which requires treating the fair market value of goods and services supplied (including free supplies) as part of the total amount for calculating the taxable service portion. Articles Service Tax Tue, 16 Oct 2012 12:04:48 +0530 https://www.taxtmi.com/article/detailed?id=1922