https://www.taxtmi.com/forum/issue?id=2400 Service tax for works contracts is governed by two main options: elect the Works Contract composition scheme, which levies a flat composition on contract value and disallows cenvat credit, with contract value including inputs and input services but excluding tools, machinery and state taxes; or calculate tax under Rule 2A of the Valuation Rules. The applicability of Notification 12/2003 ST exemption for goods sold is disputed and treating it as available for works contracts is considered legally risky. en-us Fri, 26 Nov 2010 10:50:52 +0530 Thu, 23 Jan 2025 15:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2400 Service tax for works contracts is governed by two main options: elect the Works Contract composition scheme, which levies a flat composition on contract value and disallows cenvat credit, with contract value including inputs and input services but excluding tools, machinery and state taxes; or calculate tax under Rule 2A of the Valuation Rules. The applicability of Notification 12/2003 ST exemption for goods sold is disputed and treating it as available for works contracts is considered legally risky. Discussion-Forum Service Tax Fri, 26 Nov 2010 10:50:52 +0530 https://www.taxtmi.com/forum/issue?id=2400