Fema

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 A Company in India has a Net amount payable of Rs. xxx crore to a Related Foreign Party .
1.Now the Indian company wants to convert the above amount from ‘Creditors’ to as ‘loan’ payable to Foreign Party. What are FEMA Procedures for it ??
2.Later the Indian company wants to convert the above amount from ‘Loan’ to as ‘Equity Shares’ to Foreign Party. What are FEMA Procedures for it??

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 dear sir,
i construct a building which is under construct and i recd half of that receipt for F.Y. 2012-13 and I want to pay Service tax but at what amount i charged service tax @3.09% on total Purchase price or that recipt amount. also after completion certificate if i recd some amount & Can i charge service tax on that amount or which exempted.
Please give reply as early as.
Regards.

@VaibhavJ

@VaibhavJ (Expert)
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28 December 2013 Hi,

You should charge ST on amount received by you & not on total purchase price.

Pl refer: http://www.charteredclub.com/service-tax-on-under-construction-property-3-09/

Thanks//VaibhavJ

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CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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30 December 2013 you can also refer article available in the below link:
https://www.caclubindia.com/articles/service-tax-on-construction-industry-overview-18781.asp#.UsBsKPQW0XM