Need A Financial Product › Forums › Tax Savings › What is the meaning of ?value of taxable service’? › What-is-the-meaning-of-value-of-taxable-service_REPLY
September 16, 2014 at 9:43 pm
#47397
samkapoor77Keymaster
This term ?value of taxable service’ means the gross amount received by the service provider for the service taxable which is provided or is to be provided by him/her. The value which is taxable has to be determined as is provided in the Section 67 of the Finance act of 1994, with the Service Tax (Determination of Value) Rules, 2006. Though, for certain services, a specified percentage of moderation is allowed from the source gross amount collected for giving the services. The gross amount which is charged for the contract of the work would not include the Value Added Tax (VAT).