Service tax on builders.
This query is : Resolved
Dharam Prakash Singh
(Querist)
30 September 2010
Dear Experts,
Suppose that a company involving in real estate sector and received the amount with service tax @ 2.575% on basic sale cost as it is effecting from 01-07-2010 against booking of their flats then what treatment would be made if Constitutional validity of Service Tax removed by court. Would service tax refunded to company?
Suppose that a company involving in real estate sector and received the amount with service tax @ 2.575% on basic sale cost as it is effecting from 01-07-2010 against booking of their flats then what treatment would be made if Constitutional validity of Service Tax removed by court. Would service tax refunded to company?
Madhukar N Hiregange
(Expert)
01 October 2010
Theoritically the ST would be refunded if held to be illegal. The way in which the illegal amendments have been made in the apst few years in this segment means that the possibility of refund maybe NIL.
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