The Finance Minister has introduced the Finance Bill in Lok Sabha on 01.02.2017, which has proposed a Retrospective amendment in Service Tax (Determination of Value) Rules, 2006. Service Tax (Determination of Value) Rules, 2006, has been amended with effect from 01.07.2010 so as to make it clear that value of service portion in execution of works contract involving transfer of goods and land or undivided share of land, as the case may be, shall not include value of property in such land or undivided share of land.
The changes Service Tax (Determination of Value) Rules, 2006 have been explained in a video by CA Atul Gupta, expert of Indirect Tax.
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