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Q. > Please Help: Service Tax
Dear Friends
on a contract of building contruction for residential purpose I charged Rs.65 lacs for the construction of building. Against this I have incurred towards material Rs.35 Lacs, Labour Rs. 4 lacs, Consumable exp. such water elctricity exc. Rs. 1 lacs.
what should be the service tax liability for me under both schemes.
Please help me I'm little confused in calculation of service tax
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PRATHAP REDDY YC
30-May-2013 , 11:46:08 amIf you intend to pay the tax under composition scheme, STax amounts to 12.36% on the total value of Rs 65 Lacs. If you intend to pay the other way, you should be paying 12.36% on the service component involved in the contract, provided you maintain proper books of accounts quantifying the Material Component and Service Component.