Abatement for construction of a complex, building, civil structures etc.

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..... Abatement for construction of a complex, building, civil structures etc. - Commentaries / Editorials Dated:- 2-3-2013 - News - Sr. No 12 of notification 26/2012-ST dated June 20, 2012 amended vide notification no. 2/2013 ST dated 1.3.2013 . At present taxable portion for service tax purpose is prescribed as 25% uniformly for constructions where value of land is included in the amount charged .....

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..... from the service recipient. This is being rationalized. Accordingly, where the carpet area of residential unit is upto 2000 square feet. or the amount charged is less than One Crore Rupees, in the case of 'construction of complex, building or civil structure, or a part thereof, intended for sale to a buyer, wholly or partly except where the entire consideration is received after issuance of c .....

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..... ompletion certificate by the competent authority', taxable portion for service tax purpose will remain as 25%; in all other cases taxable portion for service tax purpose will be 30%. This change will come into effect from the 1st day of March, 2013. Example: Situation Taxable Portion Value is Rs. 99.99 lacs and Carpet Area is 2000 sq ft. 25% Valu .....

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..... e is Rs. 99.99 lacs and Carpet Area is 2000 sq. ft 25% Value is Rs. 1 Crore And Carpet Area is 2100 sq. ft. 30% Value is Rs. 1.1 Crores And Carpet Area is 2000 sq. ft. 25% Value is Rs. 1.1 Crores and Carpet Area is 2100 sq. ft. 30% Need to mind that: Value cap is Less then One Crore Rupees and Carpet Area Cap is upto 2000 sqa .....

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..... re feet. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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