One of my client booked flat in under construction building
in the year 2009
payment was made by us 50 lakhs, agreement value is 1.20 crores
balance is payable

now due to new D.C.rules builder is not able to complete
the building and insisting on cancellation, he is executing
deed of cancellation and will give 80 lakhs (50 lakhs paid by
us plus 30 lakhs towards compensation)

my query is

1)whether this can be treated as long term capital gain
2)there is deed of cancellation.
Is this amounts to transfer of capital assets
3) Is this amt. is liable for service tax.
4) any other suggestion to take benefit of long term capital gain

for our office we get into various contracts .these comprises of different civil works and parties while bidding are quoting different rates of vat and service tax on these jobs in maharshtra .
could you pl throw light on this

I Have filed ST-1 Of My Company but after submitting the application online, no acknowledgement was generated.
Now what to do as we have to submit that acknowledge too with department.?
Thanks

My friend was working in etv-Urdu Channel as a marketing head and bringing add for Channel. Now He left the job and want to start his add agency as a proprietor. I want to know Does he need to register with sales tax or service tax.

Point No 1: In service tax, Does he need to fill form ST-1 to register his business with Dept.

Point No 2: What documents are required to complete the registration process?

Point No 3: What are the other formalities except service tax registration are required to start his legal business ?

in case of builders can we take service tax input in case of works contract service.
if any cement company is receiving works contract service from a contractor for colony (civil construction), what it is eligible to take service tax credit?

For Service Tax Audit purpose, till which Financial Year i should keep records. Suppose now in FY 14-15, if someones case come for audit than till which Financial Year department can ask him to present records.

Hi All
Its a Partnership Firm, trading in electrical equiptments & installation.(bulbs,cables,switches etc).I hv been Registered under ST Act. for various service such as works contract, Erection & Commission etc. i want to sell material & do installation to party(other than Contract) amt 1.73Lacs. how to bifurcate the Material & Service????,can i go for works Contract??? what is the % ?????????? is abatment available ??????? is RCM available?????
thnx
preet

We know that services provided by hospitals are covered under mega exemption notification. But in case of reverse charge mechanism, service receipient is liable to pay tax.

Is a hospital (corporate body) is liable to pay tax under reverse charge mechanism?

Contractor has paid Service tax on work done by Sub contractor,

the same is taken for input credit of service tax.

Now Assessing officer is saying that the sub-contractor has to pay the service tax and contractor has to apply for refund.

Are there any provision (judgements) saying that no need to pay by sub contractor.

As per Point of taxation rules,Individual and partnership firms are allowed to pay service tax on receipt basis upto value of Rs. 50 lacs only if the value of taxable services in previous financial year is Rs. 50 lacs or less.

My question is Whether the above rule of payment on recipt basis upto Rs. 50 lacs applicable to New business entity??