Construction service
This query is : Resolved
Querist : Anonymous
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
My question is whether Service tax applicable on my business/ turnover or not. If service tax applicable, please explain
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.
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.
Gokul Sharma
(Expert)
03 January 2017
but sir he construct residential flat . is there any exemption in negative list for residential flat.
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
(Expert)
03 January 2017
THANK YOU SIR FOR YOUR VALUABLE FEEDBACK
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