St-applicability

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2012 1.New service Tax rate applicable w.e.f.?

2.Rate of ST under WCT- Composite?

3.Whether Cess applicable?

4.Work done before 15/3/2012 but invoice submn. and payment after 15/3/2012. Which rate will applicable for ST calculation?

Please advise

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 March 2012 1. 01/04/2012 . See notification 2/2012 dated 17/03/2012.
2. 4.944% (including cess and she cess)of the entire contract value. See notification 10/2012 dated 17/03/2012.
3. Yes
4. Pre budget rates.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2012 We are property developers regd under WCT composite scheme. Presently we are charging ST @4%+cess from customers while taking advance agst. booking of apartment.

So after 01.04.12 we have to collect 4.944%. Is it reqd. to collect the difference amount from customers (old rate-New rate) agst advance received before 01.04.12

Invoice we will raise after completion only. It may take another 2 years.So how we will show ST in invoice

Please suggest suitable solution for the above

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