https://www.taxtmi.com/caselaws?id=431406 Timely disclosure in returns and payment at the compounded rate can amount to valid exercise of an option under a works contract composition scheme where no prescribed form or separate procedure exists; insistence on a written declaration would defeat the scheme. The assessee was therefore entitled to the compounded rate for the covered period. A later notification enhancing the tax rate could not be applied retrospectively to a contract already covered by the exercised option, and the department could not invoke the extended limitation period where the returns disclosed the scheme and the payment pattern, showing no suppression of material facts. Liability for the later period at the enhanced rate with interest remained unaffected. en-us Tue, 06 Dec 2022 00:00:00 +0530 Fri, 06 Oct 2023 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431406 Timely disclosure in returns and payment at the compounded rate can amount to valid exercise of an option under a works contract composition scheme where no prescribed form or separate procedure exists; insistence on a written declaration would defeat the scheme. The assessee was therefore entitled to the compounded rate for the covered period. A later notification enhancing the tax rate could not be applied retrospectively to a contract already covered by the exercised option, and the department could not invoke the extended limitation period where the returns disclosed the scheme and the payment pattern, showing no suppression of material facts. Liability for the later period at the enhanced rate with interest remained unaffected. Case-Laws Service Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431406