Service tax on residential complex
This query is : Resolved
04 May 2014
I am Constructing a Residential Complex which as 6 Flats, am i liable to collect service tax
Annu Agarwal
(Expert)
04 May 2014
Yes,you are liable to service tax.As per the new definition of residential complex given in Notification no.26/2012 dated 20.06.2012 as per clause 2(zc) residential complex means complex comprising of building having more than one residential house.
05 May 2014
Thanks for info Annu Agarwal, but one of my friend told me that if the residential complex contains less than 12 units i am not liable to collect service tax. Please clarify
Annu Agarwal
(Expert)
05 May 2014
12 units requirement was before 20.06.2012.
06 May 2014
Thanks for the Clarification and what is the rate of service tax and how to calculate the taxable value.
Annu Agarwal
(Expert)
06 May 2014
rate shall be12.36%.There is a abatement of 75% in case flats build are of carpet area upto 2000sq feet and less than 1 crore worth.So service tax shall be 3.09%,in other cases it shll be 12.36%30%=3.708%.
Notification No.2/2013 dated 28.02.2013
Notification No.2/2013 dated 28.02.2013
06 May 2014
Thanks and I am Building a Residential Complex which has 6 flats (below 1000 sq ft) each and which rate is applicable
06 May 2014
I am constructing this residential complex on my own land and i want to know on which value should i collect service tax
Land Value+Construction cost (or) only on the construction cost. if possible please explain this with an example which will be easier for me to understand
Land Value+Construction cost (or) only on the construction cost. if possible please explain this with an example which will be easier for me to understand
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