https://www.taxtmi.com/article/detailed?id=6405 No Service tax can be levied on indivisible Works Contracts for periods before the statutory introduction of Works Contract Service. The Supreme Court held that works contracts are a distinct species, the Finance Act's charging and valuation provisions apply to service contracts simpliciter, and absent specific legislative charge and assessment machinery composite works contracts could not be taxed. Vivisection for taxation must respect recognised deductions and valuation principles to avoid taxing costs, expenses and profit attributable to transfer of property in goods. en-us Tue, 25 Aug 2015 09:22:40 +0530 Tue, 25 Aug 2015 09:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6405 No Service tax can be levied on indivisible Works Contracts for periods before the statutory introduction of Works Contract Service. The Supreme Court held that works contracts are a distinct species, the Finance Act's charging and valuation provisions apply to service contracts simpliciter, and absent specific legislative charge and assessment machinery composite works contracts could not be taxed. Vivisection for taxation must respect recognised deductions and valuation principles to avoid taxing costs, expenses and profit attributable to transfer of property in goods. Articles Service Tax Tue, 25 Aug 2015 09:22:40 +0530 https://www.taxtmi.com/article/detailed?id=6405