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Construction service

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2017 I am a individual and i am doing business of construction of residential flat. usually i take advance at the time of booking and then start construction for prospective customers. i have made turnover of approx 1 crore during this F.Y.

My question is whether Service tax applicable on my business/ turnover or not. If service tax applicable, please explain
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 January 2017 Service tax applicable as your turnover exceeds 10 lacs. Service tax is payable 15% on 30% of turnover in case land cost is included in the sale value, if land value is not included service tax payable on 40% of turnover.
Collect the service tax from your customers and pay it to Govt. For the current year you have to pay service tax with interest due to delay in remittance.
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Gokul Sharma

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Gokul Sharma (Expert)
03 January 2017 but sir he construct residential flat . is there any exemption in negative list for residential flat.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 January 2017 Exemption is for construction of single residential unit in one location. Service tax payable in case of construction of flats.
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Gokul Sharma

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Gokul Sharma (Expert)
03 January 2017 THANK YOU SIR FOR YOUR VALUABLE FEEDBACK
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