Builder Accounts
Querist : Anonymous
https://www.icai.org/resource_file/100751764-1774.pdf
Querist : Anonymous
1.Service tax
2.Local VAT
Builders having 2 types of nature
1. Contract taken and doing works and billing stage by stage then the VAT will be applicable
2. First Construct the building and sell the to buyer finally,such case based on State VAT act the position will differ
Under service tax 2 categories can be refered
1. Commercial construction
2. Residential construction
Accounting requirement,better maintain the separate accounts different projects for tax planning and compliances purpose
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