Highlights of Amendments in Service Tax (Determination of Value) Rules, 2006
- First option to pay service tax on Value of services after deducting value of goods from the gross value.
- Second option to pay service tax at composite rate
- Pay ST on 40% value of original work
- Pay ST on 70% value of maintenance or repair or reconditioning or restoration or servicing of any goods
- Pay ST on 60% value of all other works contract
- Pay ST on 40% value in case of Restaurant.
- Pay ST on 60% value in case of Outdoor Catering.
- amount realised as demurrage related to taxable services shall be included.
- interest on delayed payment shall be excluded.
- taxes levied by any Government on any passenger travelling by air shall be excluded.
- accidental damages due to unforeseen actions not relatable to the provision of service shall be excluded.
- subsidies and grants disbursed by the Government, not directly affecting the value of service shall be excluded.
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