Lakshmi Kumaran & Sridharan AttorneysAn ISO 9001 / 27001 certified law firm

Works Contracts – Service Tax & VAT

The Institute of Business Laws, in association with Lakshmikumaran & Sridharan (L&S), is organizing a seminar on 17th February, 2012 in Chennai to guide service providers, works contractors, EPC contractors, manufacturers engaging contractors and entities involved in infrastructure, commercial construction and other projects on Service Tax and VAT issues relating to works contracts and turnkey contracts.  

Works Contract Service is liable to Service Tax attracting two different rates. While Service Tax can be paid at normal rate, option can be exercised for payment of reduced rate of Service Tax under Composition Scheme. Availability of Composition Scheme for different sub-contracts forming part of single works contract, inclusion of value of materials and overheads, computation of taxable value and Cenvat credit admissibility are some of the areas requiring clarity.  

Taxability of composite contracts involving sale of goods as well as provision of service has been a grey area for a long time. Service Tax provisions often overlap with VAT law and question of double taxation arises quite often. Admissibility of Composition Scheme to main contractor or sub-contractor when VAT is paid without availing Composition Scheme by either of the two, availability of Composition Scheme under Service Tax when such scheme is availed under VAT and several such issues need discussion and the seminar is aimed at addressing such issues. 

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