Service tax on building contractor
This query is : Resolved
21 August 2012
Dear Sir,
We are a MNC compnay started construcing new building.
As per the new Act is it necessary to pay 50% service deduct from the builder account and pay directly to the service tax account.
Can you pls clarifty
Suresh Subramanian
9791905733
We are a MNC compnay started construcing new building.
As per the new Act is it necessary to pay 50% service deduct from the builder account and pay directly to the service tax account.
Can you pls clarifty
Suresh Subramanian
9791905733
21 August 2012
Under the reverse charge mechanism, only sole proprietor, partnership firms engaged in the construction work (works contract) are liable to pay 50% of the value after claiming the abatement based on the services whether it is a new construction, maintenance etc., as per new Rule 2A.
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