Service tax on sale of flat in under construction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2013
Kindly confirm how to collect the service tax i.e at what rate from customer who has booked a flat in under construction project under different situation
1) Agreement register before 01.04.2012 but flat cost is partly collected before 01.04.2012 & partly after 01.04.2012
2) Agreement register after 01.04.2012 but flat cost is partly collected before 01.04.2012 & partly after 01.04.2012
and also confirm if there is any notification on the same
1) Agreement register before 01.04.2012 but flat cost is partly collected before 01.04.2012 & partly after 01.04.2012
2) Agreement register after 01.04.2012 but flat cost is partly collected before 01.04.2012 & partly after 01.04.2012
and also confirm if there is any notification on the same
14 March 2013
For Query 1 - Where payment made and registration done before 01.04.2012, The point of taxable is to be date of payment or date of registration whichever is earlier and the rate is to be charged @ 10.30%.
For Query 2 - Where payment made partially before 01.04.2012 but registration done after 01.04.2012, in this case the point of taxation is to be date of registration and the rate is to be charged at 12.36%.
The detailed situation has been provided under Point of Taxation Rules, 2011. (Notification No. 18/2011-ST dt. 01.03.2011.
For Query 2 - Where payment made partially before 01.04.2012 but registration done after 01.04.2012, in this case the point of taxation is to be date of registration and the rate is to be charged at 12.36%.
The detailed situation has been provided under Point of Taxation Rules, 2011. (Notification No. 18/2011-ST dt. 01.03.2011.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
