Service tax on sale of residencial flat.
Querist : Anonymous
We are Builders & Developers (Partnership firm), recently we completed one 15 storage residencial complex which include 7 2bhk & 8 3bhk flats, now we sold 1 2bhk & 2 3bhk flats the agreement value of each flat for 2bhk Rs. 1,00,00,000/- & for 3bhk Rs. 1,25,00,000/- we received only Rs. 25,00,000/- from each flat sold as token amount now my question is how service tax calculated also is there VAT applicable plz specify both taxex with calculation...
Here In Your Case Service Tax Should Be Paid to Credit of Goverment as & When U Received The Consideration.
Read With Finance Act,1994, In That Service Tax Charged on Service Provoded or to be Provided.
& Service Paid to Govt. Only & When U Received The Consideration.
so When U Received 25Lacs From UR Customer Then Only U R Liable to Pay Service Tax as Per Dates Provided in Act1994.
Regards,
Ayush Agrawal
Querist : Anonymous
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