my client who is a builder has sold a house of Rs. 17 lakhs. on july 17, 2012. he has only given allotment letter no agreement is made.. no registration os done...
he has taken service tax registration in January 2013.
what will be the service tax payable?? and what wil be the interest payable?? and what is the rate of interest??
1. Effective Service Tax Rate : 3.09% (12.36% x 25%) [refer notification No.26/2012-ST]
2. Rate of interest : 15% if the previous year turnover < Rs.60 Lakhs;
18% if the previous year turnover >= Rs.60 Lakhs.
[refer 1st proviso to Sec.75]
3. Late return filing fees : upto a maximum of Rs.20,000/-.
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