12 September 2012
IN THE BUILDER CASE WHAT IS THE RATE OF SERVICE TAX W.E.F FROM 1.7.2010 WHETHER SERVICE TAX PAYABLE AS & WHEN AMT OF FLAT ADVANCE IS RECIEVED FROM THE BUYER DURING WORK IN PROGRESS OF BLDG. WHETHER THE FLAT ADVANCE RECIEVED FROM BUYER AFTER COMPLETION OF CERTIFICATE RECEVED ARE APPLICABLE FOR SERVICE TAX OR NOT
12 September 2012
Advance received from buyers is taxable @3.09% on or after 01/07/2012. Service tax is also applicable for the balance amount of money.However, ST is not applicable only where the entire money against the flat is received after the Completion cert.
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