Service tax on sale of flats & shops
This query is : Open
14 May 2016
At this moment of time I would like to collect the service tax from the flat owners on account of sale of flats and shops during the Fy 2009-10 & Fy 2011-12
Whether the working will be as follows:
Suppose Sale of Flat ........Rs. 1,00,00,000 Suppose One Crore
Add 1% Vat on Sale Value Rs. 1,00,000
Total Rs. 1,01,00,000
Add Service Tax @ ???? % on Rs.Total Rs. 1,01,00,000
In short I would like to know the rate of service tax during the Fy 2009-10 & Fy 2011-12 for selling of flats and shops.
Please guide me.,
Whether the working will be as follows:
Suppose Sale of Flat ........Rs. 1,00,00,000 Suppose One Crore
Add 1% Vat on Sale Value Rs. 1,00,000
Total Rs. 1,01,00,000
Add Service Tax @ ???? % on Rs.Total Rs. 1,01,00,000
In short I would like to know the rate of service tax during the Fy 2009-10 & Fy 2011-12 for selling of flats and shops.
Please guide me.,
19 May 2016
You are liable to pay service tax on Rs. 1,00,000/-. Service Tax is leviable on value of service and not on taxes.Further you are entitle to avail benefit of abatement of 75% on such services. Thus the value of service shall be 25% of Rs. 1,00,000/-.
The rate of tax as applicable during the relevant time was 10.30%. Further if you discharge your service tax liability along with interest before the notice from department, then you shall no be liable to pay penalty.
Department has changed the rate of interest from time to time, therefore the interest needs to be calculated on the basis of such changed rates.
However, if you have filed your returns for F. Y. 2009-10 within due time limit, then department cannot initiate any proceedings against as the same has become time barred
The rate of tax as applicable during the relevant time was 10.30%. Further if you discharge your service tax liability along with interest before the notice from department, then you shall no be liable to pay penalty.
Department has changed the rate of interest from time to time, therefore the interest needs to be calculated on the basis of such changed rates.
However, if you have filed your returns for F. Y. 2009-10 within due time limit, then department cannot initiate any proceedings against as the same has become time barred
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
