Vat and service tax

Retired Bank Manager

We have invested in Hiranandani Park Oragadam with agreement in 2010-11 and are yet to get possession or registration of the property, though the amount has already been paid in full, exceppt for the final miscellaneous paymets towards eletricity club house etc., All the payment has beeen made with service tax component.

Now they have raised an Invoice for payment of TNVAT. VAT is payable only on the event happening, but no registartion OR possession is given. It is gathered that the possession may be available only by end 2018, ie after 6 full years after paying the cost- with no compensation whatso ever.

My query is --

1.Are we liable to pay VAT for the earlier agrement, as the work is yet to be completed. 

2. Is it in addition to SErvice Tax already paid.

 

 
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Advocate

The matter requires professional consultation.

 
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vat is liable on sales value,servicetax liable on service value, call my number I will tell you 6381032974
 
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