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TMI BlogReport of the High Level Committee; recommendation regarding valuation of flats for levy of Service TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... ief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer Services, Principal Commissioners/ Commissioners of Customs and Central Excise (All) Principal Commissioners/Commissioners of Central Excise and Service Tax (All) Principal Commissioners/Commissioners of Service Tax (All) Principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guidelines communicated by the said Circular are more appropriate. 2. The issue has been examined. In a tri-partite construction business model, there are 3 parties involved: i. The land owner; ii. The builder/developer; & iii. The contractor (who undertakes the construction). Typically, in such a model, the land owner enters into an agreement with the builder, whereby, the land owner giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he point of taxation will also be determined accordingly. However, Circular No. 151/2/2012-ST dated 10.2.2012 states that value of land / development rights in the land may not be ascertainable ordinarily and therefore, value, in the case of flats given to first category of service receiver, that is, the land owner, is determinable in terms of section 67(1)(iii) read with rule 3(a) of Service Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land owner by entering into a conveyance deed or similar instrument(e.g. allotment letter). 4. The Circular dated 10.2.2012 is in accordance with the provisions relating to valuation as laid down in the Finance Act, 1994 and the Service Tax (Determination of Value) Rules, 2006. As regards the Education Guide, it has been clearly stated in the Education Guide, 2012 that it is merely an educationa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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