In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in areas under the jurisdiction of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal Corporation (BMC), it has been conveyed to the Service Tax Authorities in Mumbai on Friday, 23rd October, 2015 that sale of flats/dwellings etc., where the entire consideration is received after issue of occupancy certificate by BMC, leading to a mere transfer of title in immovable property, falls outside the definition of “Service” provided in Section 65B (44) of the Finance Act, 1994, and is therefore, not taxable.
Mere transfer of title in immovable property is exempted from Service Tax
Last updated: 27 October 2015
Comments
Recent News :
- Gujarat SGST Department Detects Rs 3.53 Crore Tax Evasion in Tobacco and Battery Sectors
- ED Arrests Bengaluru Man For Manipulating ITRs, Securing Fraudulent Tax Refunds
- Biometric Authentication to Launch at 46 GST Service Centres in MP to Prevent Fraud
- 18% or 5% GST: Houseboat Industry Battles Tax Woes
- ICAI Joins Hands with CBSE to Revolutionize Skill-Based Accounting Education
- CBDT Mandates e-Filing for Forms 42, 43 and 44
- RBI Warns Banks: Stop Freezing Accounts Over KYC Issues
- Kerala GST Department Revises Adjudication Process for Show Cause Notices
- FM Nirmala Sitharaman Calls for Affordable Bank Interest Rates to Boost Investments
- Income Tax Department Stresses TDS Adherence for Mizos Despite Tax Exemption
Popular News
- Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers
- CBIC Extends GSTR-3B Filing Deadline for Oct 2024 to Nov 21 for Maharashtra and Jharkhand
- GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024
- ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments
- NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition
CAclubindia
