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Rate of abatement after 01.07.2012

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15 April 2013 After 01.07.2012 rate of abatement for Construction of building, civil structure etc is 75%, but it is subject to condition that value of land is recovered from service receiver, what will be the rate of abatement if no matter of land is included in such service?
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CA Vikas Acharya

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CA Vikas Acharya (Expert)
15 April 2013 then that will be covered under works contract.
and in case of original work contract.
tax is payable on 40percent value is taxable as per rule 2A of Service Tax Valuation Rules (when separate books not maintained for service and sales part)
Dear, For your information this 75percent has been reduced to 70 percent from 01.03.2013 after the finance bill 2013 in case of commercial properties and also in case of residential property with certain exemtpions
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