x an individual carrying on construction activities of flats building. he takes the service tax NO in fy 2016-17. total receipt during the year is rs 15.00 lacs. service tax liability after calculating abatement ie 15 / 70% is 10.50 lacs. and assessable value is rs 4.50 lava. so my query is whether thresholds limit of rs 10.00 lacs will apply with respect to assessable value or abatement values of 4.50 lacs. and thereby the assesee need not pay service tax. Please advise
Sir,
A Builder has two under Construction Projects, say Tower A and Tower B.
A party has booked a flat in Tower A on 01/04/2016 and paid Rs.10 Lakhs to Builder. Builder has paid Service Tax and VAT on the amount to Govt.
Later, the Builder has got Completion Certificate for Tower B on 01/10/2016. So the party has cancelled his flat in Tower A on 15/10/2016 and booked a new flat in Tower B for which Service Tax and VAT is not applicable. The party told to transfer the amount paid for Under Construction flat to the fully occupied flat.
My query is, in the above situation,
1. Whether the party will be exempted from paying tax on fully completed flat? Or whether it will be treated as an attempt of tax evasion?
Expecting your valuable reply.
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LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
first year service tax liability