9911796707
TMI BlogM Sabin Mathew TO 1 recipient Service tax on buying an under construction flat in bangaloreX X X X Extracts X X X X X X X X Extracts X X X X ..... M Sabin Mathew TO 1 recipient Service tax on buying an under construction flat in bangalore X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Reply X X X X Extracts X X X X X X X X Extracts X X X X ..... / sqft * super built up) is 33Lakhs (the UDS of Land value is 8 Lakh and the cost of construction is 25 Lakhs).As per the Builder sales tax (VAT) @ 9.5% of 70% Basic and Car Park Value [9.5%*(70%*(33 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04800+150000)) = 229744] and service tax 12.36% of 30% of Basic and Car Park and other charges [12.36%*(30%*(3304800+150000)) = 128104]. Could you please tell me whether the formula to find the servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce tax and VAT is true? I understand the builders are not suppose to calculated the Service Tax on the base price and it should be on the cost of construction. Thanks in advance Reply By sanjeev baj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aj: The Reply: As for as Service Tax is concerned, there are the following two methods:- 1. Service Tax @ 12.36% on service portion in the construction cost i.e. Labour cost plus portion of profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on labour cost
2. Service Tax @ 12.36% on 25% of the total value, if carpet area is less than 2000 Sq Ft. or amount charged is less than Rs. 1 Cr. X X X X Extracts X X X X X X X X Extracts X X X X
|
