Sunday, 11 May 2014

Service Tax, VAT CST update

Service Tax : Even long-term leases of 99 years by state industrial development authorities amount to 'lease' and are liable to service tax under Renting of Immovable Property Services


Composite contract of manufacture, supply and installation of lifts in building (involving civil construction) amounts to works contract; however, if there are two contracts of purchase of components of lift from a dealer and separate contract for installation, same would be 'sale' and 'labour and service' respectively.

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