Service tax & vat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2013 What is provision for liabiluty on builder / developer in respect of Service Tax & Vat [Mvat] on sale of under construction flat & sale of completed flat (readymade flat).

CA Kintal Shah

CA Kintal Shah (Expert)
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23 September 2013 If flat is ready with O.C. then there is no liability on builder to pay ST and VAT.

But even though flat/building is ready but O.C. is applied and has not yet come then ST and VAT both will be applicable.

VAT @1% of agreement value
ST @3.09% (3.708% if agreement is more than 1cr)