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TMI BlogService tax on PropertyX X X X Extracts X X X X X X X X Extracts X X X X ..... Service tax on Property X X X X Extracts X X X X X X X X Extracts X X X X ..... 09, and paid the instalments as demanded by builder. But at the time of last instalment on June 2011, he demanded service tax & Vat on agreement cost to get the possession. So my query is whether ST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... & VAT payable, if yes then on what amount coz during booking of flat no ST & VAT applicable at that time. He had not yet get the completion certifiacte. Any way to escape that taxation. Thanking U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Munaj Inamdar Reply By satish nair: The Reply: Dear mr inamdar Builders were brought into service tax wef 01.07.2010. If you have booked a flat before this date then you are not liable to pay se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvice tax on payments made BEFORE THIS DATE. But you have to pay service tax on installments paid after the above date. The builder gets a deduction of 75% and therefore the effective rate of servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tax is 2.5% rgds CA Satish Nar Reply By GANESH KANCHAN: The Reply: Dear Mr Inamdar Service tax is applicable on builders w.e.f.01.07.2010. Accordingly service tax is applicable on payment made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after 01.07.2010 towards cost of flat (inlcuding registration and stamp duty @10.3% of 25% of property/flat value. Effective rate 2.575%.
Regards
CA Ganesh B Kanchan X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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