https://www.taxtmi.com/article/detailed?id=1961 The Supreme Court held that the composition scheme cannot be availed for works contracts already ongoing at the relevant cut-off; an option to pay by composition must be exercised before payment of service tax and remains binding for the entire contract. After rescission of the Composition Rules, valuation of on-going contracts is governed by substituted Rule 2A, which permits either actual-service-portion valuation (gross less goods value and VAT plus specified service costs and profit) or deemed valuation by prescribed percentages, and disallows CENVAT credit on inputs used in the works contract. en-us Tue, 04 Dec 2012 11:12:22 +0530 Tue, 04 Dec 2012 11:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1961 The Supreme Court held that the composition scheme cannot be availed for works contracts already ongoing at the relevant cut-off; an option to pay by composition must be exercised before payment of service tax and remains binding for the entire contract. After rescission of the Composition Rules, valuation of on-going contracts is governed by substituted Rule 2A, which permits either actual-service-portion valuation (gross less goods value and VAT plus specified service costs and profit) or deemed valuation by prescribed percentages, and disallows CENVAT credit on inputs used in the works contract. Articles Service Tax Tue, 04 Dec 2012 11:12:22 +0530 https://www.taxtmi.com/article/detailed?id=1961