Section-3 read with Rule-31
Whether the joint-venture firm was not liable to pay any VAT under the Act.
Held: Zero VAT can only be levied on the services rendered by the joint-venture firm under the contract in respect of the foreign currency portion of the contract price.[Para-10]
National Board of Revenue Vs. Hyundai Engineering & Construction Company Ltd. & Ors. 8 BLT(AD)-85.