Vat on Real Estate
This query is : Resolved
03 May 2011
I have Received advance amount against sale of flats. no invoice issued till date
1.is any Sale tax applicable on advance amount & total amount
2. any service tax applicable on real estate
Please tell me full concept
1.is any Sale tax applicable on advance amount & total amount
2. any service tax applicable on real estate
Please tell me full concept
06 May 2011
1) 1% VAT IS CHARGED ON AGREEMENT VALUE AFTER 1.4.2010.
2) SERVICE TAX OF 2.575% IS CHAGRED ON AMOUNT RECEIVED AFTER 1.7.2010
2) SERVICE TAX OF 2.575% IS CHAGRED ON AMOUNT RECEIVED AFTER 1.7.2010
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