Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

jaya (asst manager)     30 October 2012

Service tax

I bought an under construction property and registered with stamp duty payment in February 2012. my builder said me to pay service tax before giving possession. I gave service tax of 3.09% of Agreement value. As per budget 2012-2013, wef april 1,2012 its 3.09%. But i bought my property in the Fy 2011-2012.

Kindly Clarify my doubt, which date is effective, registration/stamp duty of my property or the date when my builder is paying service tax to the govt.?

My builder said that we can pay service tax on time of possession also., ( possession date given in the agreement was June 2012 & we got actual possession in Aug 2012 only) even if we  have paid in Feb 2012, he would have paid to the govt. after collecting from the other flat owners only.

Kindly give me the correct percentage of service tax levied to us.

 

  



Learning

 1 Replies

vishak (manager)     30 October 2012

W.E.F 01-07-12, Pl See amended sec 66 E(b) where even  this 25% Service tax is not applicable in cases where entire consideraton is recd  after issuance of completion certificate by competent authority.

 

Rate is correct and w.e.f 01-July-12 builder can take cenvat credit of input service & capital goods.and accordingly his liability may be competely set-off, and he would be in the money by avaiing credits.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register