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New version of GSTR-4 offline tools (V2.1) is now available on GST portal

New version of GSTR-4 offline tools (V2.1) is now available on GST portal 10/04/2018 For preparing your GSTR-4 for the 4th...

Thursday, October 13, 2011

Amendments to Works Contract

. Amendments to Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007
  • A new sub-rule (2A) is being added in rule 3 in the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 vide Notification 1/2011-ST so as to restrict the Cenvat credit to 40% of the tax paid on services relating to erection, commissioning & installation; commercial or industrial construction and construction of residential complex, in case tax has been paid on full value of the service after availing Cenvat credit on inputs i.e. without availing exemption notification 1/2006-ST dated 01.03.2006. This has been done to ensure that the credit on inputs is not availed of indirectly while availing of the composition scheme.

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