« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Bharti Airtel to recover FBT from employees... Simplify ITR forms: IMC, BCAS to FM... » Govt to come out with clarification on works contract July, 28th 2007 The government on Friday said it would issue clarification on works contract which was included under service tax net this year. "We will issue clarification with regard to the ongoing contract after formal examination," Finance Ministry Joint Secretary (TRU-II) R Sekar said at Service Tax conference organised by Assocham here. Without giving a timeframe, he said the clarification would help in addressing confusions about various issues. Works contract involves transfer of goods and services. Under the category, tax is levied on services rendered in the execution of such contracts. Services, covered under the tax regime, are contract for carrying out erection or installation and commercial or industrial construction. Besides, it also includes works contract for turnkey projects and contract for construction of complex. However, contract in respect of specified infrastructure projects namely roads, airports, railways, ports etc are exempt from the ambit of service tax. Earlier, Central Board of Excise and Customs member P C Jha said two master circulars on service tax will be issued by the end of next month as part of simplification procedure. "We are in the process of finalising it (circulars) and should not take more than a month to issue these circulars," he said. The master circulars would be on technical and procedural issues, he said.