Service tax on sale of flats
This query is : Resolved
28 January 2014
One of my clients is a builder. He builds residentail flats and sells them. Whether service tax is applicable for him? If so, under what head and what rates? Immediate reply will be helpful.
28 January 2014
Service Tax is applicable if any part money is received before completion of flat.
Rate of service tax is 3.71% in case the size of flat is over 2000 sq. ft. or sale price of flat is more than Rs.1crore. In other cases rate is 3.09%
Rate of service tax is 3.71% in case the size of flat is over 2000 sq. ft. or sale price of flat is more than Rs.1crore. In other cases rate is 3.09%
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29 January 2014
Service tax is applicable as it come under the works contract service. To decide want route you should follow you should go through the valuation rules, abatement notification, RCM rules, CENVAT rules etc.
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