Vat tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2013 Dear Sir,
I want to know to buy a flat under construction at Mumbai what rate of tax( Service tax and VAT) I have to pay now
and If I want to buy after 100% completion of building should I need to pay Service Tax and VAT.
Thanks & Regards.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 April 2013 For underconstruction flat you have to pay VAT @ 1% on agreement value or stamp duty value whichever is higher and service tax @ 3.09% in case property value is less than Rs. 1 cr and 3.708% in case property value is more than Rs. 1 cr.

In case of purchase of property after occuptation certificate is received VAT & service tax not applicable.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2013 Dear Sir,
Can you help me to know the date with effect from the rate of Service tax @3.708% for property value above Rs.1 cr.

Thanks for above clarification.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 April 2013 w. e. f. 01st March, 2013

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2013 Thanks a lot

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2013 Dear Sir,

Where I can get notification for revised service tax rate i.e.@3.708%.

Thanks & Regards

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 April 2013 notification no. 2/2013 dated 01st March, 2013

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2013 Dear Sir,
Thanks for your kind co-operation. One more request, can I ask notification for VAT @1% on agreement value or stamp duty value whichever is higher.

Regards,
Dipak Bhatt

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 April 2013 Notification No. 1510/CR-65/Taxation - 1 dated 09th July, 2010.
You can download from this link
http://mahavat.gov.in/Mahavat/MyFold/KNOWLEDGE%20CENTER/NOTIFICATIONS/KNOW_NOTIFI_MVAT/NOTIFICATION-MVAT-2010-018.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2013 Thanks a lot sir for your kind co-operation.

Regards,
Dipak Bhatt