TMI BlogApplicability and Calculation of ST and VAT on Purchase of a VillaX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir/ Madam, I have bought a Villa in the Year 2014 with a booking advance and later paid installments in Year 2015 and 2016 [ bank loan]. During possession, the builder has raised ST as 15% on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30% of AOS VAT as 5% on 25% of AOS. Please let me know whether ST is applicable for Villa and if so should it be applied on AOS ? Should the land value be deducted from AOS and apply ST? Also, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T if applied should be 14% for 2014 and 14.5 for 2015 and 15% for 2016 [since 1st June]. Please advise, how to pay or negotiate on this. Thanks in advance. Regards, Sasi - Reply By KASTURI SETHI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = Yes. ST is applicable on Villa. This is covered under Notification No.26/12-ST dated 20.6.12 as amended vide Notification No.8/16-ST dated 1.3.16 (Serial No.12 refers). 70 % abateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt (earlier 75%) is in lieu of value of land. So no deduction of value of land is permitted separately. - Applicability and Calculation of ST and VAT on Purchase of a Villa - Query Started By: - SA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SI CHATLA Dated:- 3-1-2017 Service Tax - Got 1 Reply - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
