Service tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2016
My client has developing a commercial & resident complex. They are taking advances from client who book their shops or flat in that complex. So my question is whether service tax is applicable if any customer booked their shop or flat ? if yes then how much rate will apply ? and how to do exact calculation from taking advances to final payment complete calculation ??
thanks in advance for your valuable time and help
thanks in advance for your valuable time and help
14 March 2016
The activity comes under 'works contract service' and accordingly ST @ 14.50% has to be paid on 40% of the amount received periodically.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2016
Thank you sir, It means if buyer gives 5 lacs as booking amount then we have to charge 11600/- addition to 5lacs service tax @ 5.8% of 2lacs (5lacs 40%) and paid to dept. by challan and do file service tax return.
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