04 June 2010
i want to start the business of constructing and selling of bunglows. whether service tax will be applicable on the consideration to be received from the final consumer? If yes how the service tax will paid? whether as and when i receive the instalments or otherwise as and when i am recognising the revenue?
04 June 2010
As per the recent amendment, if you collect any amount from the prospective buyer, before obtaining completion certificate, construction of complex, shall be a taxable service, else not.
Construction of complex means, a complex consisting of 12 or more residential units having few common facilities.
Service tax shall be paid, as and when instalments are received.
An abetment of 67% of the value is available, subject to specified conditions.
10 June 2010
Mr. Shyam. i want to know that. is this mean every flat purchaser will not get 75 % abatment? may u sent any circular/notification on this topic, if any my id is arif_cwa@yahoo.co.in
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