service tax on builders
This query is : Resolved
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?
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.
Would like to see more opinion.
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.
Would like to see more opinion.
09 June 2010
agreed with expert but abatment rate is increase to 75 % by Finance Minister when finance Bill 2010 passed
10 June 2010
Just to add :
The abetment of 75% is conditional. It is available only if the gross value includes cost of land as well.
The abetment of 75% is conditional. It is available only if the gross value includes cost of land as well.
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
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
11 June 2010
Dear Arif,
The necessary notification is yet to be issued.
For the time being the following link may be referred.
http://www.taxguru.in/budget-2010/finance-bill-2010-11-construction-industry-gets-service-tax-concession.html
The necessary notification is yet to be issued.
For the time being the following link may be referred.
http://www.taxguru.in/budget-2010/finance-bill-2010-11-construction-industry-gets-service-tax-concession.html
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