A real estate company accept application for booking for plots in financial year 2010-11 and booking was done accordingly since company hadn't licence for construction.
now company got licence for construction of flats and group housing. and company is converting the same booking amount for flats which to be constructed in near future (probably in FY 2012-13)
My query is Do service tax liability arose in 2010-11 (when amount recvd for plots) since at that time no licence for construction was there or in FY 2012-13 when booking amount of plots convert in booking of flats
22 October 2012
At That Time Service Tax Need to be Pay When Amount Received Whether Its Advance or Part Payment in Proceesing of Services. so Tax Need to Pay in That Year 2010-11. Now Pay The Service tax Including Interest.
CAclubindia
